- 34 -
3. 212 West Broad St., The contract sale price was $195,000.
and Palmyra, New Jersey, At closing, $197,017, consisting of
Purchased 3/31/89 $74,285 in cash and three checks
totaling $122,732, was deposited with
the settlement agent. The individual
check amounts are: $82,000, $21,000,
and $19,732.
The source of funds, in part, for the
$82,000 check was obtained in the form
of cash withdrawals from Radtam’s
general and lottery accounts at the
Security Savings & Loan. Additionally,
$21,000 was withdrawn from Radtam’s
savings account at Chemical Bank5 and
used to purchase a cashier’s check,
which was used to pay a portion of the
purchase price.
4. Lot 26, Block 388, The property was purchased with $25,000
Unit 12, located in in personal funds and a $400,000
Collier County, purchase money mortgage was incurred.
Florida --
Purchased 6/18/90
5. Lot 4, Block 304, The purchase price was $530,000 and the
Unit 9, located in total amount due from buyer was
Collier County, $533,896. At closing, Mrs. Bacon
Florida -- provided $152,285, and the principal
Purchased 6/29/90 amount of the new loan was $380,000.
6. 610 South Reed St., The property was paid for with $10,000
Cinnaminson, New Jersey, in cash, $1,592 in coin, and five
Purchased 7/2/90 checks totaling $120,000. Mr. Bacon, as
president of Radtam, Inc., was the
source of the $11,592 in cash and coin.
The source of the five checks are as
follows: First, a check for $55,000 was
purchased with $17,000 in funds
withdrawn from the Radtam 600 account,
$28,000 in funds withdrawn from
petitioners’ personal savings account
maintained at the same institution,6 and
a $10,000 check drawn on petitioners’
personal checking account at the same
institution. Second, $35,000 of the
Page: Previous 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 NextLast modified: May 25, 2011