- 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.Page: Previous 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 Next
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