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On September 26, 1986, Kentucky Wood issued a check payable
to petitioner in the amount of $47,880 for the purchase of 2,000
shares of petitioner’s stock in Kentucky Wood. Petitioner
returned the check to Stern and requested that the check be
reissued and made payable to the Church of the New Age.
Petitioner also instructed Stern to make all subsequent payments
for the purchase of petitioner’s stock payable to the Church of
the New Age.
On December 8, 1986, petitioner directed B.F. Pitman III
(Pitman) to open a bank account in the name of the Church of the
New Age. Pitman was a member of the board of directors of a bank
in San Antonio, Texas, where the account was opened. Pitman had
sole signature authority on the account, but thereafter Pitman
made deposits, withdrew funds, and handled mail in the name of
the Church of the New Age solely at the direction of petitioner.
The following payments for petitioner’s stock in Kentucky
Wood were deposited into the account in the name of the Church of
the New Age:
Date of Payment Amount
Dec. 1, 1986 $ 47,880.00
Dec. 1, 1986 236,886.30
Sept. 25, 1987 450,618.30
Also on September 25, 1987, a check was issued by Kentucky Wood
to “Church of the New Age and International Telecommunications”
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Last modified: May 25, 2011