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Also, in 1986 and 1987, petitioner deposited funds in the
total amounts of $87,665 and $176,130, respectively, into a
corporate bank account at Zions First National Bank in the name
of ReCom, Inc., a company related to Cellwest. Petitioner was a
signatory on this corporate account.
In 1986, from funds deposited into a money market account at
Merrill Lynch in petitioner's name and from funds deposited into
his bank account at Guardian State Bank, petitioner paid the
following business expenses for various consulting services:
Year Consulting Services
1986 $ 17,488
1987 121,190
1988 30,100
In 1986, petitioner filed for bankruptcy, and in January of
1987, petitioner received a discharge of many of his debts.
Also, in 1987, after having pledged as collateral his personal
residence and stock that he owned to obtain a loan for a
corporation, petitioner lost his personal residence in
foreclosure of the loan.
Since 1987, petitioner and his family have lived in a rental
home.
Beginning in the late 1980's, a number of lawsuits were
filed against petitioner on behalf of investors to recover funds
transferred to petitioner.
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