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on the amended return as follows:
NET CHANGE TO INCOME Federal
ADJUSTMENTS TO SCHEDULE C
INCOME FROM SALES 4170185
INTEREST EXPENSE -161257
ADJUSTMENTS TO SCHEDULE B
INTEREST INCOME
ADD JEFFRIES & CO 91
LESS ON SCHEDULE C -91
4008928
On December 21, 1988, Mr. Bilzerian was indicted by a
Federal grand jury on charges that he conspired to defraud the
Internal Revenue Service and the Securities and Exchange
Commission (SEC) with respect to several of his attempted
corporate acquisitions which he engaged in during the 1980s. The
charges related to transactions Mr. Bilzerian carried out between
April 1985 and November 1986. The nine-count indictment charged
Mr. Bilzerian with misrepresenting the source of funds used to
purchase stock on Schedule 13D filed with the SEC (funds were not
personal), accumulating stock in the name of nominees (parking
securities), making numerous false statements, and creating false
invoices to substantiate false deductions on his 1985 Federal
income tax return. On September 27, 1989, the United States
District Court for the Southern District of New York entered a
judgment of conviction on all the counts contained in the
indictment, and the judgment was affirmed by the Court of Appeals
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