-187-
Business Activities and/or Private Investments Form. Exh. 1029.
In response to a direction to provide a “Complete description of
the investment or business affiliation. What is it and who else
is involved in it as principals? Does it involve a public or
private company?”, Ballard answered, in part: “Farmland--Have
been buying and selling for years.” Id. Ballard did not
identify IRA or TMT as principals and/or private companies with
regard to these activities.
When Ballard became the director of an organization called
ICM Property Investors, Ballard submitted to Goldman Sachs an
“Outside Business Activities Information and Request Form”. Exh.
1031. Ballard’s involvement with this organization was through a
“close friend” who controlled the property. Id. In contrast,
Ballard never submitted such a form to Goldman Sachs with respect
to TMT, which he purportedly was managing for IRA at Kanter’s
request.
(vi). TMT’s Assets
During 1984, 1985, and 1986, TMT had total assets of
$2,015,911, $2,289,151, and $2,520,852, respectively. Exhs. 93,
94, 95. TMT’s cash holdings during 1984, 1985, and 1986 totaled
$1,899,873, 1,906,516, and $50,803, respectively. Id. By 1986,
TMT had transferred approximately $1.2 million to a Goldman Sachs
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