- 14 -
personal checkbook.7 In fact, Mrs. Ferry testified under the
assumption that this was their personal, joint bank account.
Petitioners deposited $22,503 into the account in 1987 and
$12,175 in 1988. The account was not supposed to contain any
proceeds from the Iron Hill or Wayanne.
I.H.R-L Bank Account
In 1985, petitioner opened a checking account at Second
National Federal Savings Bank in the name of I.H.R-L LTD (IHRL).
Although I.H.R-L is an abbreviation for Iron Hill Restaurant-
Lounge, restaurant funds were not supposed to be deposited in
this account, but in the MIT account. Wilberding did not have
signature authority on the IHRL account--in fact, he did not know
it existed. Petitioners' home telephone number and home address
were listed on the IHRL account, and monthly bank statements were
sent there. Petitioner made deposits and had sole check-signing
authority.
Petitioner deposited $103,514 into the account in 1987 and
$47,458 in 1988. No one but petitioner used this account.
R.E.P., Ltd.
In February 1988, petitioner opened a checking account at
Second National Federal Savings Bank in the name of R.E.P., Ltd.
(REP). Petitioner listed his home telephone number and home
7 There is no evidence that petitioner's parents used the
account or, indeed, even knew of it.
Page: Previous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 NextLast modified: May 25, 2011