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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.
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