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During 1992, Mr. Christal was the president of United
Sovereigns, and as such he had the day-to-day, hands-on
responsibility for the operation of United Sovereigns. Mr.
Christal wanted to maintain uniformity between United Sovereigns
and United Sovereigns, Inc. United Sovereigns took over the
client base of United Sovereigns, Inc. United Sovereigns
maintained the same policies and procedures as United Sovereigns,
Inc. United Sovereigns used the forms and stationery of United
Sovereigns, Inc., in conducting its business, although it
sometimes crossed out "Inc." In 1992, United Sovereigns used the
same mailing address and office space that United Sovereigns,
Inc., used in 1990.
During 1992, Alta Business Services (Alta), which Ms. Menon
owned and operated, provided bookkeeping services to United
Sovereigns. Alta provided the same services to United
Sovereigns, Inc., and to other business entities.
United Sovereigns did not have a formal system for Ms.
Menon, as trustee, to inform Mr. Christal that she disagreed with
his United Sovereigns expenditures except through a bookkeeping
system in which expenses were recorded and reports were generated
and reviewed.
From January through May of 1992, Alta issued bookkeeping
reports prepared by Ms. Menon and Yury Bajgrowicz (Mr.
Bajgrowicz) which requested information about certain United
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