- 12 - In May 1987, in what was either a last ditch attempt to conceal Ben's ownership of the marina, or the recognition that the Gilberts had forced Ben out, petitioner abandoned management of the marina and other boat racing assets to Michael Gilbert and Marina Bay Associates. Ben's hopes of ever recovering his investment in the marina terminated in August 1987, when Federal law enforcement officials arrested him and seized the marina and other Apache power boat entities and assets. By that time, petitioner had moved to Atlantic City, where he and Maxine remained through October 1987, in an effort to "get away from it all". For the remainder of 1987, petitioner, in addition to trying to recover the $9.5 million from the card club investment, delivered bank checks for $500,000 to Ben's criminal attorneys, and $250,000 to his own attorney as retainers for services to be rendered in the impending grand jury proceedings and criminal trials. Petitioner also succeeded in funneling an additional $1 million into Apache Power Boats. These funds, which exceeded $1.75 million, came through the same channels through which petitioner had tried unsuccessfully to recover the card club investment. In December 1989, Federal agents arrested petitioner. Petitioner was indicted, tried, and convicted for crimes associated with the money laundering and other activities described above, as well as others not specifically detailedPage: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Next
Last modified: May 25, 2011