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News Release

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Archived News Release — Caution: Information may be out of date.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

U.S. Department of Labor news releases are accessible on the Internet. The information in this news release will be made available in alternate format upon request (large print, Braille, audio tape or disc) from the Central Office for Assistive Services and Technology. Please specify which news release when placing your request. Call 202.693.7773 or TTY 202.693.7755.

Archived News Release — Caution: Information may be out of date.

Contact Name: GLORIA DELLA
Phone Number: 202.219.8921

Employee Benefits Security Administration
February 11, 1998
Release Number
USDL: 98-24