Steven J. Romer - Page 8

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          holding on Saferstein’s behalf should not be renewed on their               
          next maturity date of January 4, 1991.                                      
               In response to Saferstein’s letter, petitioner gave                    
          Saferstein a copy of the letter that he had sent to Votano,                 
          quoted in part above, and petitioner added the following note to            

                   Ira, do not contact Sterling National Bank.  There is              
               no money there and the insurance company will use it as an             
               excuse to avoid paying.                                                

               With the letter to Saferstein, petitioner enclosed a                   
          promissory note indicating that he owed Saferstein $1,144,740,              
          representing the original $975,000 that petitioner had received             
          from Saferstein plus accrued interest.                                      
               Saferstein never received back from petitioner any portion             
          of the $975,000.  As a result of the loss of the $975,000,                  
          Saferstein received $100,000 from the New York State Lawyers’               
          Fund for Client Protection.                                                 

          $1.2 Million Received From Judith Ripps                                     
               On June 19, 1990, Judith Ripps (Ripps), another of                     
          petitioner’s legal clients, transferred $1.2 million to                     
          petitioner for the purchase on her behalf of a certificate of               
          deposit at Chemical Bank.                                                   

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