Francis M. Gagliardi - Page 12




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              Mr. Gagliardi did not take any vacations during the years in            
         issue.11  Mr. Gagliardi did not have time for or live a lavish               
         lifestyle as his life was playing slot machines at the casinos.              
         Mr. Gagliardi had his home foreclosed upon on at least two                   
         occasions because he was too preoccupied gambling to make the                
         necessary mortgage payments to the bank.                                     
              Mr. Gagliardi’s children would fly down from Marin County               
         “every couple weeks” to stay with Mr. Gagliardi.  Mr. Gagliardi              
         continued to gamble, even for long periods, while his children               
         came to visit him.                                                           
         Gambling Log and Mr. Gagliardi’s Gambling Records                            
              Mr. Gagliardi did not maintain a contemporaneous “gambling              
         diary” or a “gambling log” that reflected his winnings and losses            
         from gambling on the slot machines at the casinos.  Mr.                      
         Hunner did not advise Mr. Gagliardi to maintain a contemporaneous            
         gambling log or diary.                                                       


               11  At one point during the years in issue, however, Mr.               
          Gagliardi and Ms. Serum were going to go to Las Vegas, Nevada.              
          While driving to Las Vegas, Mr. Gagliardi told Ms. Serum that he            
          had to go to the bathroom and they could stop at one of the                 
          casinos so he could use the bathroom.  Ms. Serum objected, but              
          they stopped at one of the casinos approximately 90 miles from              
          San Diego.  Mr. Gagliardi quickly lost $10,000.  After losing the           
          $10,000, and without using the bathroom, Mr. Gagliardi got back             
          in the car and he and Ms. Serum drove home.                                 
               On one Valentine’s Day, Mr. Gagliardi told Ms. Serum that he           
          rented a room at a five-star hotel for the weekend with the                 
          Valentine’s Day package.  Ms. Serum picked up Mr. Gagliardi, and            
          the next thing she knew he was driving towards San Diego to go to           
          one of the casinos to gamble.                                               





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Last modified: March 27, 2008