- 3 -
the satellite signals were transmitted to OTB locations
throughout the United States.
During 1994, petitioner was the owner of record of
approximately half of Tracstar's outstanding shares of voting
stock. He served as Tracstar's vice president and as a member of
its board of directors.
Petitioner was in charge of Tracstar's day-to-day
operations. He supervised the engineering staff and their
installation of equipment in the field. He represented Tracstar
at various trade shows. He was also responsible for raising
additional capital for Tracstar's future projects.
Petitioner was often required to purchase equipment to be
installed at Tracstar's sites. In lieu of obtaining financing
for the equipment, petitioner was authorized to charge the
equipment on Tracstar's American Express Corporate credit card
(the Corporate card).4 He charged other Tracstar expenses on the
Corporate card, including his travel and meal expenses incurred
in connection with Tracstar's business. Petitioner also charged
personal expenses on the Corporate card.
Petitioner also had an American Express Gold credit card
(the Gold card) in his own name. As with the Corporate card, he
charged Tracstar's business expenses on the Gold card. During
4 Tracstar's employees David C. Lunder and Jim Pitcher
were also authorized to use the Corporate card. Their itemized
charges are stated separately from petitioner's on the monthly
statements.
Page: Previous 1 2 3 4 5 6 7 8 9 Next
Last modified: May 25, 2011