-109-
obtaining the contract to do the casino’s financing, Kanter would
have to receive 50 percent of Schaffel’s fees on the project.54
Although the Atlantic City casino project fell through,
Schaffel subsequently had substantial business dealings with
Prudential on behalf of certain individuals he represented.
These business dealings included construction contracts that he
helped obtain for Torcon, Inc. (Torcon), and financing for a
number of large commercial real estate properties being developed
by William Walters (Walters), a real estate developer in Denver,
Colorado.
After the dinner meeting with Kanter, Ballard, and Lisle,
Schaffel agreed to split with Kanter any brokerage fees that he
might earn on Prudential-related transactions. Schaffel,
Transcr. at 384-386. However, to protect his interests as a real
estate broker, Schaffel insisted that Kanter’s share of those
fees be paid to an individual or entity with a real estate
broker’s license. Schaffel, Transcr. at 393. Kanter in turn
directed Schaffel to make the payments to IRA, which held a
corporate real estate broker’s license through Schott, IRA’s
president at the time. Id.; Schott, Transcr. at 2119; Exh. 4022.
54 The reference in the STJ report to “Kanter and/or an
entity associated with Kanter” is manifestly unreasonable.
Schaffel’s testimony regarding the proposed casino project was
that Kanter himself expected to share in any fees that Schaffel
might earn on the deal. Schaffel, Transcr. at 383-386.
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