- 17 -
corporation, Grupo Empresarial Monyurri (Grupo), and gave
petitioner's wife and children the stock of Grupo. He testified
that he is not good with numbers but, when he had an idea for a
business, he would pitch it to his family and they would give him
the money in the form of a loan. Petitioner previously asserted
that the loans were from a Mexican company, although he did not
provide an explanation as to why a Mexican company would loan
money to petitioner or to Interservice.
Petitioner asserts that it is "totally believable and
consistent that petitioner was able to borrow $1,115,967 from his
family and his family's corporation", because banks were willing
to lend money to petitioner. Petitioner cites various loans,
including the loans on the house and lots in the Dominion, to
corroborate this assertion.
The bank loans that petitioner received were based on
information provided on loan applications. Petitioner stated on
the loan application for the house in the Dominion that his gross
monthly income was $30,000. According to petitioner's testimony,
however, his family was aware that he did not have income. It is
not credible that loans in the amounts claimed would be made to
someone with no income from which to repay the loans.
Petitioner also argues that two sets of documents
substantiate his claim of loans in 1990, the UCC financing
statement and the ledger sheet, with promissory notes in Spanish,
given to respondent in 1994 during the audit. G. Rodriguez
Page: Previous 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 NextLast modified: May 25, 2011