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transact his business and financial matters. Ms. Walters knew
that Mr. Gherman used her name for those purposes because he had
not been granted a discharge in the 1969 bankruptcy.
Financial & Investment Planning, Inc.
During March 1970, Mr. Gherman organized Financial &
Investment Planning, Inc. (FIP) to sell insurance and, to provide
financial services, employee benefit consulting, deferred
compensation plans, estate planning, tax planning, and trust
work. By 1988, FIP provided a range of business and financial
services to its clients, who primarily were successful physicians
located in the Miami area. Other clients of FIP included
attorneys, accountants, commercial businesses, hospitals, and a
university. FIP performed many financial functions for its
clients, including collecting bills, paying employees, in some
cases paying the clients' personal and household expenses, filing
tax returns, and handling insurance, investments, and financial
planning.
Warren Gherman, Mr. Gherman's brother, served as FIP's first
president and as a director. From its beginning, however, Mr.
Gherman controlled FIP and made all the decisions relating to its
operations. He became president of FIP during 1976 and served in
that capacity and as a director during the years in issue.
Ms. Walters was the sole shareholder of FIP and, until May
6, 1988, she served as its secretary and treasurer and as a
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