- 15 - 5. Transfer of $35,000 From Camaro Via Petitioner’s Mother to TCM’s Operating Account On September 22, 1988, Camaro directed HSBC to issue four checks totaling $35,000 to Lela Ishler from Camaro's HSBC U.S. dollar-denominated savings account. HSBC issued the checks on September 22, 1988. On October 10, 1988, Lela Ishler opened a money market account at Bank of the South, Dothan, Alabama. She deposited $17,000 in that account in October 1988. She also deposited $17,700 in her account at SouthTrust Bank of Dothan, Alabama, and received $300 in cash in October and November 1988. Marvin M. Ishler had signature authority for Lela Ishler's money market account. On November 21, 1988, Bank of the South issued a $26,000 cashier's check to Marvin M. Ishler from funds in Lela Ishler's money market account. Marvin M. Ishler and petitioner endorsed the check, and petitioner deposited it in the TCM operating account on November 22, 1988.5 Marvin M. Ishler also had signature authority for Lela Ishler’s SouthTrust account. On November 21, 1988, Marvin M. Ishler wrote a $9,000 check payable to cash on the SouthTrust account. He used those funds to buy a $9,000 SouthTrust official check payable to petitioner, which petitioner endorsed and deposited in the TCM operating account on November 22, 1988. 5 Although TCM’s 1988 year is not before the Court and neither party focuses on TCM’s receipt of this $35,000, we note that the parties stipulated that TCM reported all business receipts deposited to its accounts in 1988.Page: Previous 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Next
Last modified: May 25, 2011