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West Jersey collected from Pullman was required to be paid over to
Simmel.
During 1978 through 1981, some of West Jersey's funds were
diverted from West Jersey by Mr. Walker and Reilly, West Jersey's two
shareholders. They diverted and obtained these funds by having West
Jersey's bookkeeper write checks on West Jersey's corporate checking
account payable to various employees and vendors of West Jersey,
endorse the checks with the payee's name, cash the checks, and give
over the funds obtained to Mr. Walker or Reilly. These fictitious
payments to employees and vendors were then deducted on West Jersey's
income tax returns as part of its promotional expenses, freight, and
other miscellaneous expenses.
During West Jersey's fiscal years ended March 31, 1979
through March 31, 1982, Reilly diverted and received funds from
West Jersey as follows:
FYE Amount
3/31/79 $61,828.38
3/31/80 65,986.10
3/31/81 69,945.58
3/31/82 28,184.91
During 1978 through 1981, Mr. Walker diverted and received funds
from West Jersey as follows:
Year Amount
1978 $150,997.52
1979 165,408.05
1980 277,621.19
1981 195,516.87
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Last modified: May 25, 2011