3 was also engaged in law practice and other activities prior to that time. Petitioner was on the board of directors of a bank known as Schertz Bank & Trust Co. from 1975 through 1987, and at one time owned a controlling interest and was a director in said bank. Petitioner maintained a number of bank accounts at the Schertz Bank in the names of himself, his law partners, his wife, or in similar names showing involvement in professional activity. Petitioner also maintained bank accounts in at least seven other banks, which were likewise titled either in the name of himself, his wife, his partners, or associated interests, and over which he had control. The principal account which petitioner maintained at the Schertz Bank, however, known as the "Leonard Leighton, Attorney at Law", account, had checks drawn by both petitioner or his wife, and was the depositary of many funds. Using friends, and sometimes clients, as sources, from 1972 through 1988, petitioner promoted and managed more than forty real estate ventures, sometimes called "joint ventures", involving raw land, apartment complexes, and motels. His friends and clients were the principal sources of investment in these ventures, which were composed of different individuals who invested varying amounts of money in the various joint ventures. Petitioner drew all necessary joint venture agreements and conducted all necessary negotiations regarding purchases and sales in these ventures. No two joint ventures had identicalPage: Previous 1 2 3 4 5 6 7 8 9 10 Next
Last modified: May 25, 2011