- 6 - On February 14, 1989, Martin and his co-conspirator were convicted of racketeering, unlawful acceptance of pension plan kickbacks, embezzlement of employee benefit plan funds, conspiracy to defraud the U.S. Government, and income tax evasion for 1981, 1982, 1983, and 1984 in connection with the scheme to embezzle from the pension funds. In 1989, Martin entered into a forfeiture agreement under which Martin forfeited to the U.S. Government various assets that were regarded as acquired by Martin with embezzled funds.1 The amount of funds realized by the U.S. Government upon liquidation of these assets is not found in the record. Also in 1989, Martin transferred title in the Kings Point residence from his and petitioner's names to just petitioner's name. In 1990, various assets of Martin that had not been acquired by Martin with embezzled funds were sold, and a total of $812,148 was realized from such sale and credited towards satisfying Martin’s obligation under the forfeiture agreement. In 1992, as a result of his conviction, Martin was sentenced to imprisonment for 10 years, fined $1.6 million, and ordered to 1 Under the forfeiture agreement and pursuant to 18 U.S.C. 1963 (1994), the following assets were regarded as acquired by Martin with embezzled funds and were forfeited by Martin to the U.S. Government: Marketable securities; precious gems; interests in retirement plan and trust of the above-referenced defined benefit plan; 1978 Rolls Royce; 1986 Mercedes Benz; 1984 Corvette; 1974 Buick; 1986 Honda motorcycle; loans receivable from various entities; shares of stock in various corporations; and various limited partnership interests.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011