- 8 -8
Year Amount Cashed by Ferrentino
1988 $26,457.17
1989 26,163.56
1990 148.34
AJF maintained a cash disbursements journal which tracked,
among other things, fuel expenses, but the journal did not
account for fuel reimbursements from J.C. Penney. Employees of
AJF would prepare an invoice entitled Fuel Billing which would be
sent to J.C. Penney for fuel reimbursement. These Fuel Billings
also included amounts for tolls and truck repairs. AJF's
accountants would use the cash disbursements journal to prepare
AJF's tax returns and financial statements.
AJF claimed deductions for "gas, oil and tires" expenses in
1988 and 1989 in the amounts of $184,621 and $183,651,
respectively. In 1990, AJF claimed a deduction for fuel expenses
of $195,035. AJF did not include any amounts relating to fuel
reimbursements in gross income.
Ferrentino's Cash Hoard
AJF maintained a business operating account at Manufacturers
Hanover Trust Co. (subsequently purchased by Fleet Bank).
Ferrentino cashed checks on approximately a weekly basis, usually
averaging $7,000 to $9,000 per transaction and paid in $100
denominations. On January 11, 1991, Ferrentino presented for
exchange $122,600 in water-damaged currency to the Federal
Reserve Bank in Buffalo. Of the amount presented, $75,000 was in
denominations of $100 or larger.
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Last modified: May 25, 2011