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eventually developed it into a commercial heating and air
conditioning business. Sometime during the early 1980's, Mr.
Acquaviva and Frank DiMisa (Mr. DiMisa), a real estate developer
from Staten Island, New York, entered into a venture to develop a
residential subdivision. Mr. Acquaviva eventually changed his
business from mechanical contracting to residential real estate
development.
Mr. Acquaviva became a successful real estate developer. In
the years following his initial project with Mr. DiMisa, Mr.
Acquaviva's real estate activities expanded to encompass over 25
different ventures. Over the years, Mr. Acquaviva reinvested the
proceeds from his development activities in additional land
purchases and, in turn, future development projects.
Mr. Acquaviva's primary source of credit for his real estate
activities was City Federal Savings Bank (City Federal). City
Federal was declared insolvent and taken over by the Office of
Thrift Supervision in December of 1989. Mr. Acquaviva's primary
source of credit thus disappeared, and he no longer was able to
meet his debt obligations. An investigation of City Federal by
the U.S. Attorney's Office and the Resolution Trust Corporation
(RTC) revealed that in 1985 Mr. Acquaviva and Mr. DiMisa paid
$75,000 to a senior lending officer at City Federal in order to
obtain approval of a development loan. Mr. Acquaviva was charged
with, and pleaded guilty to, conspiracy to commit bribery in
1992. Mr. Acquaviva did not tell petitioner about the
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