Richards Asset Mgmt. Trust, et al. - Page 30




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          Richards I granting respondent’s respective motions to dismiss              
          for lack of prosecution in the cases at docket Nos. 10765-00 and            
          10766-00 and imposing a penalty under section 6673(a)(1) on Mr.             
          Richards in those cases in the respective amounts of $8,000 and             
          $18,000.  The crux of petitioners’ motion for reconsideration               
          regarding all of those holdings is petitioners’ claim that Mr.              
          Richards’ conduct in these cases was the result of his reliance             
          on Mr. Binge, his tax return preparer, and Mr. Bentivegna, an               
          associate of Mr. Binge.  That claim rings hollow.                           
               Not only did respondent and the Court inform petitioners in            
          these cases that there could be sanctions as a result of their              
          conduct in these cases, petitioners’ counsel Mr. Wise also                  
          advised Mr. Richards that “reliance upon the recommendations of             
          James Binge may not be in his best interest.”  In response to               
          such advice and other advice from Mr. Wise, petitioners fired               



               13(...continued)                                                       
          Richards Charitable Trust, which Mr. Richards alleges in Mr.                
          Richards’ affidavit in that case “were maintained in my posses-             
          sion until April, 2002.”  Although the trust papers attached to             
          Mr. Richards’ affidavit in the case at docket No. 10767-00 bear             
          the date Apr. 26, 1995, those papers list Mr. Richards and Joy              
          Ann Richards as the directors and the trustees of Richards                  
          Charitable Trust.  However, Joy Ann Richards died at an undis-              
          closed time prior to Aug. 15, 1997.  Moreover, in that case, Mr.            
          Bentivegna signed as “Trustee” the response to the Court’s                  
          December 3, 2001 Show Cause Order and the response to respon-               
          dent’s motion to hold petitioner in default.  We conclude that              
          Mr. Richards’ affidavit and the trust papers attached to Mr.                
          Richards’ affidavit in the case at docket No. 10767-00 do not               
          establish who has the authority to act on behalf of Richards                
          Charitable Trust in that case.                                              





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