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C. Payments to Holding Co. and Its Subsidiaries
After Ballard and Lisle left Prudential, Lisle began working
for Travelers. Schaffel paid IRA $213,750, 50 percent of the
fees he earned from the first Travelers' financing approved by
Lisle. After the first payment, Schaffel failed to pay Kanter on
succeeding projects financed by Travelers. After discussions
with Lisle, Schaffel agreed to make payments to Kanter, but under
a different arrangement. Kanter directed Schaffel to make the
payments to Holding Co. Schaffel paid Holding Co. $600,000 in
1984, $1,160,000 in 1985, and $1,003,500 in 1986 for transactions
with Travelers.
Frey and Essex made the following payments to Holding Co.,
during the years 1981 through 1989:
Year Frey Essex Total
1981 $80,616 –- $80,616
1982 -- $70,538 70,538
1983 16,200 64,125 80,325
1984 113,827 109,013 222,840
1985 256,557 98,325 354,882
1986 -- 65,835 65,835
1987 33,570 98,753 132,323
1988 -- 96,188 96,188
1989 -- 42,332 42,332
Total 500,770 645,099 1,145,879
The following diagram shows the money paid to IRA and
Holding Co. by Schaffel for the Travelers financing transactions,
and by Essex and Frey to Holding Co. and Zion:
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