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On September 26, 1980, Brenton's Cove Development Co.
(Brenton's) closed on a $5.5 million construction loan with the
Bank. Petitioner worked on this loan as a loan officer for the
Bank. Herbert L. Finley (Finley) and Radcliffe Romeyn (Romeyn)
were the general partners of Brenton's. On April 23, 1981, the
Bank approved a construction loan advance of $30,000 for
Brenton's, the proceeds of which were wired to petitioner's
brother on April 24, 1981.
On November 28, 1980, petitioner recommended that the Bank
Credit Committee approve a $6.17 million construction loan to
Landing Development Co. (Landing) and Long Wharf Development Co.
(Long Wharf) for the purpose of financing the construction of two
condominium hotels, Inn on the Harbor and Inn on Long Wharf (the
Inns). The Bank conditionally approved this loan. On April 16,
1981, Landing closed on a construction loan of $3,000,055 from
the Bank. Finley, Romeyn, and William R. Wing (Wing) were
general partners of Landing and Long Wharf; Timothy M. Dwyer
(Dwyer) was a general partner of Long Wharf only.
In the summer of 1981, R. Perry Harris, a representative of
a real estate investment group, expressed an interest in possibly
purchasing the Inns and later selling each completed unit as a
time share promotion. The original Bank commitment to Landing
and Long Wharf did not permit the borrowers to market the
condominiums as time shares. In order for the sale of the Inns
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