Former Georgia Pension Trustee Sentenced For Embezzling Plan Money

Archived News Release — Caution: Information may be out of date.

A former trustee of the Glasstream Boats, Inc. profit sharing plan in Nashville, Ga. was sentenced to six months in prison for embezzlement of more than $149,000 in plan assets for his own use. Adolphus L. Kirkland Jr. has already paid $149,557.11 in restitution to the plan.

The profit sharing plan covered 112 participants and had $298,839 in assets as of April 30, 1992. Kirkland was the sole trustee of the plan.

Kirkland pleaded guilty on Oct. 3, 1997 to converting retirement plan assets to his own use. He was indicted on Feb. 22, 1996. According to the indictment, Kirkland conspired to convert plan assets to his own use through affiliated companies, including Aquatron, a company managed by him and Ernest Yates, an attorney to Kirkla

The defendant was sentenced on Feb. 5 in federal district court in Macon, Ga. He is scheduled to begin serving his prison sentence in March. This criminal action resulted from an investigation by the Atlanta Regional Office of the Labor Department’s Pension and Welfare Benefits Administration (PWBA). PWBA conducts investigations into alleged violations of the Employee Retirement Income Security Act. The case was prosecuted by the U. S. Attorney’s Office in Macon, Ga

U. S. v. Kirkland
Criminal No. 7:96-CR-11(WDO)

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Archived News Release — Caution: Information may be out of date.

Contact Name: GLORIA DELLA
Phone Number: 202.219.8921