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approvals. Petitioner was instrumental in opening an account for
Pares Y Nones, S.A., into which the $50,000 was deposited. In
connection with the purchase of a 71-foot Bermuda ketch by Banba
Associates on December 15, 1982, petitioner directed a Panamanian
attorney to wire $42,500 from the Pares Y Nones, S.A. account.
Approximately 1 month prior to directing this disbursement,
petitioner had obtained a survey report on the ketch. Petitioner
was the signatory on behalf of the seller.
During 1982, Dwyer Construction Co. made repairs and
renovations to petitioner's residence. The renovations were
first discussed by Finley, Romeyn, and petitioner at the Long
Wharf loan closing. Petitioner requested that a Jacuzzi be
installed in his house and that Landing send some of its
construction workers to his house to do renovations. Landing
made payments of $6,087 to Dwyer and Dwyer Construction Co. in
connection with the renovations.
On November 2 and 29, 1984, Romeyn wrote to petitioner and
demanded payment from him initially in the amount of $35,000 and
thereafter in the amount of $45,000. These demands were made by
Romeyn under the threat that, if the money was not forthcoming,
the Internal Revenue Service would be advised of petitioner's
involvement in the R&S account and the Pares Y Nones, S.A.
account. Petitioner never complied with either of Romeyn's
demands.
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