- 5 -
12/5 15,126.12
12/13 1,300.00
12/13 2,749.43
12/23 5,118.92
12/23 2,600.00
Total 271,835.58
No notes were given and no collateral was received with
respect to these payments.
Petitioners' Real Estate
During 1991, petitioners owned two condominiums in
Pennsylvania, a condominium in New Jersey, and a condominium in
Florida. The aggregate equity in these properties totaled
approximately $245,000. After petitioner agreed to accept the
position in Florida, petitioners decided to sell their four
condominiums.
On October 30, 1991, petitioners purchased a house in Kendall,
Florida, for $375,000. The payments petitioner received from Mr.
Garcia and/or AVD and LI were used for the following purposes:
$115,000 to purchase the Kendall house, $70,000 to purchase
furniture, an undisclosed amount to remodel the Kendall house, and
the remaining amount to pay petitioners' attorneys.
Mr. Garcia's Disappearance
In early January 1992, Mr. Garcia informed petitioners that
the bank would never open. Contemporaneously, Mr. Garcia fled Dade
County, Florida.
RAI Lawsuit
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Last modified: May 25, 2011