Letantia Bussell - Page 13

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          Webber account were removed from that account by way of a single            
          check in the amount of $1,151,627 payable to “Global Capital                
          Enterprises, Inc.”.4  This check was hand-delivered by Bussell to           
          Beaudry, who deposited it into an offshore bank account (CITCO              
          account) maintained in the Netherlands Antilles by an entity                
          named CITCO Banking Corp.  The purpose of making the Paine Webber           
          check payable to Global Capital Enterprises, Inc., and then                 
          depositing that check into the CITCO account was to conceal the             
          location of the funds.  Pursuant to petitioner’s instructions,              
          Beaudry then transferred the funds from the CITCO account to the            
          Syntex account by way of two separate transfers of $820,000 and             
          $331,616.5  These transfers were made separately because                    
          petitioner was concerned about the security of the transfers.               
               On March 25, 1996, Beaudry made the first transfer, of                 
          $820,000, from the CITCO account to a Medifor, Ltd. account in              
          Hong Kong (Medifor account).  In April 1996, Beaudry instructed             
          an entity named TrustNet Group to obtain a cashier’s check for              
          $820,000, payable to Syntex.  This cashier’s check was deposited            
          into the Syntex account on or about April 9, 1996.  Bussell then            




               4 The $2,579 difference between the $1,149,048 deposited               
          into the Sanwa account and the withdrawn $1,151,627 was                     
          presumably attributed to income earned on the deposited funds.              
               5 We note the $11 discrepancy between $1,151,627 and the sum           
          of $820,000 and $331,616 ($1,151,616).                                      





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