Mishandling of funds nets man probation

By Judy Harrison, BDN Staff
Posted July 16, 2010, at 9:47 p.m.

PORTLAND, Maine — A former Hampden businessman has been sentenced to five years of probation for illegally using money intended for his employees’ pension plan.

Clyde C. “Butch” Furrough, 50, of Jupiter, Fla., also was ordered to pay more than $5,400 in restitution to nine former employees.

U.S. District Judge D. Brock Hornby sentenced Furrough on Monday in U.S. District Court in Portland.

Furrough owned and operated G.R. Adams Jr. Inc. from 1987 until the company was dissolved 20 years later. The Hampden-based firm installed and maintained petroleum tanks, pumps, islands, and consoles for gas stations and convenience stores.

He waived indictment and pleaded guilty on March 26 to conversion of assets of an employee pension plan from 2004 to September 2007. He did not remove money from the fund but failed to make the employer contributions to it, according to court documents.

Furrough faced up to five years in prison and a fine of up to $250,000. Under the prevailing federal sentencing guidelines, he faced from zero to six months in prison and qualified for probation, according to the U.S. Attorney’s Office.

http://bangordailynews.com/2010/07/16/business/mishandling-of-funds-nets-man-probation/ printed on July 25, 2014