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that the corporation would engage in consultant and advisory
work, including investment, management, and advisory services.
On the date TACI was incorporated, Weisgal, as trustee of the
Pyramid Trust, subscribed to the total number of shares
authorized to be issued by the corporation. Sharon Meyers was
the Pyramid Trust’s sole beneficiary. Sharon Meyers was the sole
director of TACI and was its initial president and treasurer from
1981 through 1985.
TACI was organized to assist its clients in their financial
and investment activities. TACI’s clients included individuals,
corporations, partnerships, trusts, various clients of Kanter,
and members of his law firm. However, not all of the clients of
TACI were clients of Kanter’s law firm. At various times, TACI
had hundreds of clients, including Kanter, IRA, and
THC. From 1981 through 1988, TACI had between 200 to 500
clients.
TACI had several employees at any given time, mostly
clerical assistants, bookkeepers, and accountants. TACI received
moneys for and on behalf of clients and paid out moneys
either to clients or to third parties on behalf of clients. TACI
maintained books and records for each of these clients and, in
many instances, prepared clients’ tax returns. TACI charged a
fee for its services.
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