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transferred $741,065 in life insurance proceeds that Votano
inherited from her father. Petitioner was designated as trustee
of this trust, and it was intended by Votano that petitioner use
the $741,065 to purchase for the trust a suitable investment
approved by Votano.
On November 9, 1988, petitioner transferred the $741,065
received from Votano into a "special" checking account in his
name at Chemical Bank. The $741,065 was not transferred into one
of petitioner's client escrow accounts.
On or about November 10, 1988, petitioner purchased with the
$741,065 two certificates of deposit at Chemical Bank -- one in
the amount of $341,065 and the other in the amount of $400,000.
Although not completely clear from the record, it appears that
these certificates of deposit were purchased in the name of
petitioner, not in the name of the Votano trust.
On October 9, 1990, Votano delivered a letter to petitioner
in which she asked that her trust be terminated. Petitioner
informed Votano that the two certificates of deposit that he had
purchased with the $741,065 had just been renewed and therefore
that the funds were not readily available.
On or about January 3, 1991, Votano received from petitioner
a letter in which petitioner falsely claimed, among other things,
that he had been diagnosed with an inoperable and incurable brain
tumor and that he had only 2 months to live, and petitioner
correctly acknowledged in the letter that Votano's $741,065 was
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