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Between January 24 and March 8, 2000, decedent placed sell
orders with Valdes & Moreno that resulted in the following sales
of eConnect shares:
Date Shares Sold Share Price Net Proceeds
1/24/00 25,000 $1.50 $36,746.75
1/24/00 20,000 1.50 29,397.00
3/07/00 60,000 10.56 629,976.88
3/08/00 152,500 15.00 2,278,271.75
In total, 257,500 shares were sold during this period for net
proceeds, after commissions, of $2,974,392.38.
After each of the foregoing sales, decedent submitted to
First Southwest Company a request for transfer of funds. On
January 24, 2000, she requested a wire transfer of $30,000 for
the benefit of R.V. World Hudson, Inc., which she used to
purchase a motor home for herself. Two wire transfer requests
were placed on January 25, 2000, one directing $9,000 to a bank
in Virginia for the benefit of Ms. Carnette and Ms. Carnette’s
husband, and the other directing $27,000 to a bank in Costa Rica
for decedent’s own benefit. Likewise, on March 16, 2000,
decedent requested a wire transfer to AmSouth Bank in Hudson,
Florida, for her own benefit, which transfer was completed on the
same date in the amount of $2,909,593.56. The latter transaction
removed from the Valdes & Moreno account the entire cash balance
and left only the remaining 267,500 shares of eConnect.
The day after the March 8, 2000, sale of eConnect, the
Securities and Exchange Commission apparently froze all trading
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Last modified: May 25, 2011