- 255 -
6. Conclusion
At trial, all the witnesses associated with the Five
explicitly denied that the payments described were "kickbacks" or
"payoffs" for Ballard and/or Lisle's help in steering business to
them. Those witness did confirm, however, that they entered into
these arrangements in exchange for Kanter's influence in
obtaining business. Furthermore, it is clear from the record
that Kanter, Ballard, and Lisle agreed to share and did share the
money from the Prudential transactions in a 45-45-10 split.
Although some of the Prudential payments and transactions
were finalized after Ballard and Lisle left Prudential, the
transactions began long before Ballard and Lisle left Prudential.
The payments had their genesis in transactions with which Ballard
and Lisle were both familiar and in which they were directly or
indirectly involved while they held executive positions with
Prudential. The transactions, even if occurring after Ballard
and Lisle left Prudential, were simply a continuation of what was
laid out and planned in earlier years.
Thus, we find that 70 percent of the payments from Hyatt to
KWJ Corp., all of the payments by Frey to Zeus, all of the
payments from Schaffel connected with Prudential transactions and
made to IRA, the bargain element in the sale of the Schnitzer-PMS
stock to IRA, and all of the Essex distributions to IRA are
attributable to services provided by Ballard, Lisle, and Kanter.
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