Henry Deletis, Jr. - Page 3

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          he was the used car sales manager.  Petitioner was a trusted                
          employee, and he had a close personal relationship with the                 
          dealership owner, Herbert Caplan (Caplan), in the nature of a               
          father-and-son relationship.  Petitioner and Caplan went to the             
          race track together and gambled on the horses.                              
               During 1966 and 1967, petitioner sold some of the                      
          dealership's new and used cars, pocketed the proceeds, and did              
          not repay the dealership for the cars.  Petitioner deposited                
          substantial amounts of these proceeds into his personal bank                
          account at Bankers Trust Company.  Deposits to petitioner's                 
          account during 1966 exceeded $117,000; during 1967, the deposits            
          amounted to nearly $278,000.  Petitioner's wages from the                   
          dealership were $15,886.10 in 1966 and $12,324.95 in 1967.                  
          Records of the dealership reflected the sales of certain new cars           
          to individual owners, complete with deposits and financing                  
          through Bankers Trust Company; the dates of those sales fell in             
          1966 and 1967.  However, those purchasers proved to be                      
          fictitious.  In actuality, petitioner had sold these new cars to            
          used car dealers.                                                           
               In 1966, petitioner received $42,050 from the sale of 11 new           
          cars; he also sold three additional new cars the selling prices             
          of which are unknown but the invoice prices of which totaled                
          $13,911.  In 1967, petitioner received $89,200 from the sale of             
          23 new cars.  Petitioner made payments to the bank on the loans             

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