- 11 -
dollar contributions made by FIP's professional employees to
qualified U.S. charitable organizations.
FIP paid the personal expenses of Mr. Gherman, Ms. Walters,
and other Gherman family members. FIP paid for the cars driven
by petitioners and their children during the years in issue. The
cars included Cadillacs, a BMW, a Town Car (Ms. Walters), and a
Buick (Mr. Gherman).
FIP's books and records reflect that, dating back to 1975,
FIP made personal loans to FIP's clients, employees, and
shareholders, including Gherman family members or entities in
which they held interests. The records also reflect payments of
interest and principal on those loans. Ms. Walters was not aware
that FIP's books recorded loans' being made to her.
During the years in issue, FIP chartered a 45-foot boat, the
Camelot, from ShariCraig, Inc. (ShariCraig), an S corporation
owned by Ms. Walters until 1986 when she sold her shares to Shari
and Craig. Neither Shari nor Craig was actively involved in the
day-to-day activities of ShariCraig. ShariCraig's books and
records were maintained by Mike Landa (Mr. Landa), who also
captained the boat. The record does not reveal in which year the
Camelot was purchased by ShariCraig or the source of the funds
for that purchase. The Camelot cost $150,000. FIP paid
ShariCraig $600 for each day it used the Camelot, with a
guaranteed charter of at least two times a month. It was docked
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011