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Petitioner had only minimal involvement in Martin's business
and investment ventures. Martin did not discuss his business
ventures or the family's financial affairs with petitioner.
Martin never referred to petitioner as his business partner or
employee, and Martin discouraged his business associates and
contacts from discussing business when petitioner was present.
On records of a number of Martin's business ventures,
petitioner was nominally designated as a corporate officer and
was vested with authority to sign checks and business documents.
Petitioner, however, in these instances, was designated as an
officer and held signatory authority only as a convenience to
Martin. Petitioner performed no meaningful duties for or on
behalf of any of Martin’s businesses and investments.
With regard to Martin’s stock trading activity, Martin
engaged in this activity independently, without petitioner’s
involvement or participation. Martin made all decisions
regarding the stock transactions.
For the Roy Rogers restaurant franchise that Martin owned,
petitioner did write some checks to pay bills but only those that
Martin and/or his manager had identified and directed petitioner
to pay.
During 1981 through 1984, Martin acted as an investment
adviser for First United Fund, Ltd. (First United), an investment
firm that provided employee benefit plan services and investment
advice to labor unions.
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Last modified: May 25, 2011