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Bridgehampton Estates, Inc. (Bridgehampton), for the purpose of
obtaining additional working capital. Petitioner personally
guaranteed this loan, no portion of which has been repaid.
Of the total $4.5 million in funds obtained from
Bridgehampton, at least $900,000 was deposited by petitioner into
a checking account of New Gold maintained at Chemical Bank.
After these funds were deposited into this New Gold account at
Chemical Bank, checks drawn on the account required the
signatures of both petitioner and Lloyd Goldman (Goldman), the
majority stockholder of Bridgehampton.
Petitioner was not authorized to sign Goldman’s signature on
New Gold's checks, and petitioner was not authorized to use any
of the funds loaned to New Gold by Bridgehampton for his personal
purposes.
In connection with petitioner's application for the above
loan from Bridgehampton, petitioner gave Goldman a personal
financial statement reflecting that petitioner had over
$5 million of cash in various bank accounts, a net worth of at
least $16 million, and a gross income for 1990 of $610,000.
On three checks totaling at least $575,000 drawn on the
account of New Gold at Chemical Bank (in which account the funds
loaned by Bridgehampton had been deposited), petitioner forged
Goldman's signature and, without permission of Bridgehampton or
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