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Some of the closings were handled by attorney Dean White
(White). White made the following deposits of funds that were
received from petitioners for the purpose of making loans:
Date Check Cash Borrower
Aug. 1, 1986 $90,000.00 $28,000.00 Fowler
May 15, 1987 34,000.00 Tankersley
July 10, 1987 9,118.13 9,000.00 Magnusons
Sept. 24, 1987 10,000.00 8,500.00 Spradlin
In many instances, petitioners disbursed the funds directly
to the borrowers, sometimes by check, sometimes in cash. On
August 8, 1986, petitioners disbursed $41,000 in wrapped $100
bills to James E. Carter, Mr. Gandy’s first cousin, and Sandra L.
Carter at petitioners' kitchen table. Petitioners lent the
Carters an additional $30,000, with draws beginning in November
1986. The first such draw, in the amount of $5,000 on
November 14, 1986, was by check. For the subsequent draws,
Mrs. Gandy delivered cash to the Carters' business and wrote
receipts for Sandra L. Carter to sign. A second note was drawn
up on March 20, 1987, after the additional money was advanced to
the Carters. These loans to the Carters were recorded in the
county records.
Terry and Rhonda Wilson borrowed $50,000 from petitioners
to pay for the house the Wilsons were building. Closing occurred
on August 21, 1987. The Wilsons received the funds in draws
beginning in about May 1987 as the funds were needed for
construction. Two draws, one on May 15, 1987, and another on
May 28, 1987, each for $6,000, were in the form of checks.
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