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acquisition of the Wedtech shares; and (5) perjury in connection
with falsely testifying before a grand jury.
The Wedtech shares were not delivered to petitioner, but
were delivered to his son, Richard Biaggi (Richard), who received
the Wedtech shares as petitioner’s nominee. Richard was
convicted of filing false income tax returns by overstating his
income to include the receipt of the Wedtech shares on his 1983
return and reporting gain from the sale of 25,000 shares on his
1985 return.
For a detailed discussion of the facts leading to the
convictions of both petitioner and Richard, see United States v.
Biaggi, 909 F.2d 662 (2d Cir. 1990). In that case, the Court of
Appeals for the Second Circuit affirmed the convictions of
petitioner on all counts and Richard for filing false income tax
returns for 1983 and 1985. The underlying criminal case against
petitioner and Richard was designated United States v. Biaggi,
No. 87 Cr. 265 (S.D.N.Y., Nov. 18, 1988) (the criminal case).
Petitioner is collaterally estopped from contesting the facts
established in the criminal case.1
1 By the answer, respondent set forth his defense of
collateral estoppel, based on the criminal case and barring
petitioner from denying certain facts (the estoppel facts)
established in that case. See Rule 39. By the reply,
petitioners denied the applicability of collateral estoppel.
Subsequently, in Petitioners’ Opposition to Respondent’s Motion
for Partial Summary Judgment and Cross Motion for Summary
Judgment in Petitioners’ Favor (the opposition), petitioners
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