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Petitioner husband reimbursed investors in Americana for
their investments in 1987, 1988, and 1989. He paid them $3,725
in 1987, $1,800 in 1988, and $6,370 in 1989.
Petitioners refunded a deposit of $1,287 to two former
clients, Robert and Charlene Graham, which they paid for the sale
of a home at 16711 Lincoln, East Detroit, Michigan.
On November 24, 1987, petitioner husband borrowed $8,700
from Comerica Bank to pay investors and business expenses. In
December 1987, petitioner husband borrowed $32,000 from his
parents to pay investors and business expenses.
7. The Bagnasco-Tabbi Funeral Home
Petitioner husband owned an interest in the Madison Funeral
Home Corp., which operated the Bagnasco-Tabbi Funeral Home in
1987. He sold his interest in 1987 for 11 funeral certificates
(worth about $5,000 each) and 30 months of health insurance
(worth $2,500).
8. Petitioners' Residence
Oliver Homes, a Michigan corporation wholly owned by
LoChirco, bought a lot at 200 Tanglewood, Rochester Hills,
Michigan, for $19,500 from Biltmore Properties on December 20,
1977. On January 28, 1985, Oliver Homes conveyed the lot to
petitioner wife. Petitioner wife did not pay for the lot. On
March 4, 1987, petitioner wife conveyed the lot for no charge to
Oliver Homes, and Oliver Homes built a house on the lot. Oliver
Homes then sold the house to petitioner wife for $175,921.
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