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of Goldman, petitioner obtained at least $575,000.1 Neither New
Gold nor Bridgehampton ever received a repayment of this
$575,000.
$450,000 Received From William Marion
In 1990, William Marion loaned New Gold and Ryer Equities
Corp. (Ryer), another corporation controlled by petitioner,
$350,000 and $100,000, respectively, for renovation of apartment
buildings owned by each corporation. These loans to New Gold and
to Ryer were personally guaranteed by petitioner. Some interest
on these loans was paid but no payments of principal were made,
and the loans remain outstanding.
Petitioner’s Conviction For Embezzlement
On March 21, 1991, petitioner was indicted by a grand jury
of the County of New York on 14 counts relating to petitioner's
embezzlement of funds from Votano, the Marion Family Trusts,
Saferstein, and Ripps.
On December 9, 1991, after a 2-1/2 month jury trial,
petitioner was convicted in the Supreme Court of the State of
New York, New York County, on all 14 counts, and on January 6,
1992, petitioner was sentenced to concurrent prison terms, the
1 Although the evidence indicates that the total amount of the
three forged checks exceeded $575,000, respondent, without
explanation, has charged to petitioner with regard to these items
additional income of only $575,000. We also use respondent's
figure of $575,000.
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