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(2) he testified that he did not know whether Walters had
transacted any business with Prudential when Ballard was at
Prudential and that he was not involved with the Ramada
Renaissance property; yet he met with Schaffel and Walters to
finalize the financing of the Cherry Creek Place II and the
Ramada Renaissance properties;
(3) he testified that Prudential did not purchase the
Schnitzer-PMS stock because, apart from the potential conflict of
interest, Prudential did not have any business to give to
Schnitzer-PMS; yet Prudential started giving Schnitzer-PMS
substantial business;
(4) he testified that he had no involvement and no meetings
with Connolly other than seeing him at the Gateway hotel; yet he
is the person who introduced Connolly to Eulich for purposes of
setting up the Essex arrangement.
Finally, we find Ballard's testimony vague, evasive, and
unreliable as to the kickback payments in the face of
overwhelming evidence to the contrary.
Ballard's pattern of consistent and substantial
underreporting of income, when accompanied by the other indicia
indicating an intent to conceal income, justifies our finding
that Ballard's underpayment of tax attributable to income he
omitted from transactions involving the Five is attributable to
fraud.
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