- 4 -4 FINDINGS OF FACT Background of Petitioners Anthony J. Ferrentino (Ferrentino) was the president and sole shareholder of AJF during the years at issue. Ferrentino resided in Williamsville, New York, at the time the petitions were filed. Ferrentino married Carol Ferrentino on December 30, 1954. They separated in the fall of 1985, and on April 6, 1989, they entered into a Separation Agreement, Support and Property Settlement (Separation Agreement). Under the Separation Agreement, Ferrentino was obligated to pay Carol $376,000 over 8 years. Specifically, Ferrentino was required to pay Carol Ferrentino $22,000 per year from 1989 to 1992, and was thereafter obligated to pay at least $22,000 per year until the remainder of the obligation was satisfied. Ferrentino has not paid all the amounts reflected in the Separation Agreement. At various times between 1989 and 1991, Ferrentino asked Carol to modify their Separation Agreement, or forbear his obligation to pay the required amounts. Ferrentino told Carol that she would recognize a greater return on her money if she allowed Ferrentino to keep the funds owed invested in AJF. Their divorce became final on May 4, 1990.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