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Meyers was the sole director of Administration Co. and was
its president from 1981 to 1985. Gallenberger was the vice
president of Administration Co. and worked under the direction of
Meyers. When Meyers left Administration Co. in 1985, Kanter
briefly served as acting president of Administration Co., and,
thereafter, Gallenberger became Administration Co.'s president
from 1985 through 1988.10
Administration Co. had several employees, mostly clerical
assistants, bookkeepers, and accountants. Meyers directed the
staff and employees of Administration Co. until 1985. In 1983,
Administration Co. paid $143,489 in employee compensation and
distributed over $500,000 as nonemployee compensation, including
$400,000 to the Rainbow Trusts (Rainbow Trust Nos. 1-25).
Administration Co. administered funds that it collected from
or on behalf of various Kanter entities and associates, referred
to as clients. Administration Co. clients included individuals
(including Kanter, Ballard, and Lisle), corporations (including
IRA, Holding Co., and their subsidiaries), partnerships, trusts,
various Kanter-related entities, and members of Kanter’s law
firm.
10
Gallenberger was an accountant. Shortly after arriving in
Chicago, Illinois, she passed the certified public accountant's
examination. Gallenberger became an employee of Administration
Co. in 1982.
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