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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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