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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
Saferstein:
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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