-97-
same period, Kanter introduced Frey to Ballard at Prudential’s
headquarters in Newark. Ballard, Transcr. at 173-175.
The Village of Kings Creek condominium conversion project
was successful. The Village of Kings Creek partnership made a
distribution to its partners to cover the partners’ share of tax
liabilities. Wold, Transcr. at 2854-2855. In addition, Kanter
received a share of development fees earned on the project by way
of checks made payable to THC. Exh. 457; Wold, Transcr. at 2855,
2860-2861. Wold believed Kanter directed that the checks should
be written to THC. Wold, Transcr. at 2861.
Following Frey’s success with the Village of Kings Creek
project, the Miami regional office Prudential executive who Frey
had dealt with in purchasing that property approached Frey about
acquiring another Prudential apartment property in Florida.
Beginning with this property, Prudential ultimately participated
in a number of successful condominium conversion projects with
Frey. However, many, if not almost all, of these projects that
Frey and Prudential undertook were joint ventures. Entities
associated with Kanter, including Zeus and Zion, also were
investors in a number of these joint venture condominium
conversion projects of Frey and Prudential.
Frey did not have to raise as much capital to engage in
these joint venture projects with Prudential, as Prudential
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