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1996, Mr. Richardson was appointed as Executive Trustee, and
Mrs. Richardson was appointed as Executive Secretary.
Petitioners thereafter opened several additional bank
accounts with respect to the various entities discussed above,
all at Lebanon Citizens National Bank. For example, between
September of 1996 and November of 1997, accounts were established
under the following names: (1) HG Asset Management Co., c/o of
Homer Richardson; (2) Homer Richardson d.b.a. Aegis Co., later
renamed HG Asset Management Co. d.b.a. Aegis Co.; (3) Homer
Richardson d.b.a. Asset Protection Co.; and (4) HG Richardson
Charitable Trust. Petitioners had signatory authority over each
of these accounts, and in a few instances one of their children
was given signatory authority as well. Records also show that
certain of the accounts previously established at Fifth Third
Bank were closed in October of 1996.
Minutes from numerous HGAMC board meetings from August of
1996 through May of 2000 reflect activities of the entity
authorized by petitioners in their capacities as directors.
Mrs. Richardson participated in each of these meetings along with
her husband and signed the minutes and resolutions so generated.
Several of the matters garnering the board’s attention involved
petitioners’ transportation and residence. On October 14, 1996,
the directors approved the purchase by HGAMC of a 1996 Mercury
Grand Marquis for $19,950 “to be provided to the Executive
Director”. Mr. Richardson testified that the car was acquired
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