Electric company executive sentenced - WALB.com, Albany News, Weather, Sports

Electric company executive sentenced

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June 17, 2003

(Brunswick-AP) -- The former chief executive of a southeast Georgia utility cooperative was sentenced to three years in prison Monday for spending nearly half a million dollars at the expense of stockholders.

Fifty-two-year-old Don Holland was convicted of embezzlement and ordered to pay $428,129 in restitution for stealing from Okefenokee Electric Membership Corporation, where he had served as general manager since 1993. He was fired when the theft was reported.

Holland used company credit cards to buy jewelry, clothing, furniture, electronics and get cash advances totaling $69,000 over four years.

District Attorney Stephen Kelley says Holland's personal insurance company already has compensated the company for its loss. Holland will be required to repay the insurance company. He will have to serve at least one year in prison before he is eligible for parole.

 The Nahunta-based Okefenokee Electric has about 29,000 subscribers in six southeast Georgia and two northeast Florida counties.

Posted at 2:55PM by dave.miller@walb.com