- 57 -
Petitioner’s next argument is that he did not, except for
nominal amounts, use the funds at issue for personal purposes.34
Instead, according to petitioner, he invested the funds in the
stock market in an effort to produce sufficient earnings so that
Northwest could be repaid and, petitioner further claims, all of
the funds transferred from corporate accounts to personal
accounts were eventually either transferred to the ANB accounts
or frozen by the TRO and used ultimately to negotiate a
settlement of IL NA Tours’ debt to Northwest.
Petitioner’s argument misstates the facts established by the
record. Contrary to petitioner’s argument, a significant portion
of the $986,856 at issue in this case has not been accounted for.
The record establishes that from late January through early March
1988, a total of $450,000 was transferred from the accounts of
petitioner’s corporations to the Sam Han account. The record
further demonstrates that on July 18, 1988, $80,000 from the Sam
Han account was deposited into ANB No. 3 and that at yearend 1988
the balance in the Sam Han account was $137,128. The record does
not reflect what happened to the remainder ($232,872), and
petitioner has made no effort to address this discrepancy.
34 We treat this argument as referring to petitioner’s
actions prior to the issuance of the TRO. Once the TRO was
issued, petitioner was under a court order proscribing his
personal use of the funds. See supra p. 29.
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