Charles A. Ballard - Page 6

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          Association.  Petitioner attended that meeting.  A colleague of             
          petitioner’s from the firm had reserved the yacht for his use on            
          the evening of December 3, 1986.  However, that individual                  
          canceled the reservation.                                                   
               While at the Boca Raton Resort and Club, the yacht was                 
          visited by Betty Corson (Corson), a yacht charter agent whom                
          petitioner had known for some time and through whom petitioner              
          had chartered yachts in connection with his employment or his               
          work with the Securities Industries Association.                            
               From December 1986 through April 1987, petitioner contacted            
          other charter agents and several individuals and informed them of           
          the availability of the yacht for charter.  By memorandum dated             
          April 15, 1987, petitioner offered a 25-percent discount on                 
          charters to certain colleagues at the firm.  In April 1987,                 
          Ballard Marine had printed 3,550 brochures describing the yacht             
          and stating that it was available for charter.  Brochures were              
          sent to Corson and others.                                                  
               Ballard Marine offered the yacht for bareboat charter.                 
          Under that arrangement, the chartering party charters the boat              
          and independently contracts for a captain and crew.  Sometimes              
          the chartering party will be qualified to operate the boat and              
          may not need a captain or crew.  Effective May 1, 1987, the                 
          bareboat charter rates for the yacht were as follows:                       

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