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Description Amount
Interbank transfers to bank accounts $59,500
in petitioner’s individual name
Checks payable to petitioner 32,359
Checks payable to cash, 48,100
endorsed by petitioner
Checks payable to gambling casinos 52,000
Check for mortgage payment for property 16,000
at 4730 N. Hermitage Avenue, Chicago1
Check payable to brokerage account 34,000
in name of On Sug Youn2
Check payable to brokerage account in 17,068
names of On Sug Youn and Si Joung Youn
Total 259,027
1 This real property was purchased by petitioner in 1977,
and when it was sold in 1988, the proceeds were equally divided
between petitioner and his former spouse.
2 Other than the fact that she was not an employee of
petitioner or petitioner’s corporations, the record does not
disclose On Sug Youn’s relationship to petitioner. However, the
record does disclose that, in addition to the accounts noted
above, a joint brokerage account with right of survivorship was
established by petitioner under his name and that of On Sug Youn.
During 1987, one of the corporate accounts, Merrill Lynch
No. 1, held stock in the Gerber Products Co. (Gerber stock). On
October 13, 1987, petitioner transferred the Gerber stock to
account No. 682 35487 at Merrill Lynch (Chung No. 1), which
petitioner had opened sometime during 1987 in Chung’s name and
under Chung’s Social Security number. Chung, however, served as
a nominee only for Chung No. 1. He had no ownership interest in
that account and received no benefit from it. Petitioner
controlled and directed all activities with respect to Chung No.
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Last modified: May 25, 2011