DOJ-OGR-00009492.jpg
475 KB
Extraction Summary
1
People
5
Organizations
0
Locations
3
Events
3
Relationships
3
Quotes
Document Information
Type:
Legal document
File Size:
475 KB
Summary
This document is a court transcript in which an unnamed speaker recounts a mistaken stock transaction from December 28th of 'year one'. The speaker's broker accidentally sent 10,000 Philip Morris shares to a charity and 10,000 IBM shares to the speaker's daughter, the reverse of the instructions. The error was discovered on January 2nd when the charity rejected the tobacco stock, and the broker subsequently corrected the transaction, backdating it to the original date.
People (1)
| Name | Role | Context |
|---|---|---|
| Mr. Parse |
Mentioned as the person who made the transactions and changes after being consulted about a mistaken stock transfer.
|
Organizations (5)
| Name | Type | Context |
|---|---|---|
| IBM | company |
10,000 shares of IBM were intended as a gift to a charity.
|
| Philip Morris | company |
10,000 shares of Philip Morris were intended as a gift to the speaker's daughter. The charity mistakenly received the...
|
| Deutsche Bank | company |
A document from Deutsche Bank reflected the corrected transaction, showing it as of the original date.
|
| SOUTHERN DISTRICT REPORTERS, P.C. | company |
The court reporting agency that transcribed the testimony.
|
| The Court | government agency |
Mentioned in the context of the ongoing trial where this testimony is being given.
|
Timeline (3 events)
year one, December 28
A broker mistakenly transferred 10,000 shares of Philip Morris to a charity and 10,000 shares of IBM to the speaker's daughter, reversing the speaker's instructions.
Speaker (unnamed)
Broker (unnamed)
Speaker's daughter
Charity (unnamed)
year two, January 2nd
A charity called the speaker to reject the mistaken gift of tobacco stock.
Speaker (unnamed)
Charity (unnamed)
Relationships (3)
Speaker (unnamed)
→
professional
→
Broker (unnamed)
The speaker uses a broker to execute stock transfers as gifts.
The speaker discusses financial transactions with Mr. Parse, who then executes changes. The speaker compares their own hypothetical advice to what Mr. Parse actually said.
Speaker (unnamed)
→
personal
→
Speaker's daughter
The speaker gave a gift of 10,000 shares of stock to their daughter.
Key Quotes (3)
"The charity calls January 2nd and says we can't take tobacco stock. We can't accept your gift."Source
— The speaker (quoting the charity)
(Describing the phone call from the charity that alerted the speaker to the broker's mistake.)
DOJ-OGR-00009492.jpg
Quote #1
"He says we'll just reverse it. It was our mistake. We'll send the Philip Morris to your daughter and we'll send the IBM to the charity."Source
— The speaker (quoting the broker)
(Relaying the broker's response after being informed of the mistaken stock transfer.)
DOJ-OGR-00009492.jpg
Quote #2
"If I said can I put that tax deduction on my year one return, in that situation, even though it was mistake, it never got accepted, I'd say I don't know, you should ask a tax lawyer. And that's what Mr. Parse said."Source
— The speaker
(Explaining a hypothetical situation regarding tax deductions for the gift and relating it to advice received from Mr. Parse.)
DOJ-OGR-00009492.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (1,592 characters)
Case 1:20-cr-00330-PAE Document 161 Filed 02/24/22 Page 73 of 117
A-5916
A-5916
14
CAC3PARC
myself the other night, if somebody had said to me, and again I
apologize for the example, I won't try to belabor it. But
December 28 in year one if I gave 10,000 shares of IBM to a
charity and 10,000 shares to my daughter, right, and I said to
my broker just move them into those -- 10,000 to charity,
10,000 to my daughter. And the broker made a mistake. And
here's what makes it so tricky. The shares to the charity were
IBM; the shares to my daughter were Philip Morris. They
reversed it. The charity calls January 2nd and says we can't
take tobacco stock. We can't accept your gift. I call the
broker, I say what about this. He says we'll just reverse it.
It was our mistake. We'll send the Philip Morris to your
daughter and we'll send the IBM to the charity. And they
reverse it and they put as of December 28 because they reverse
it and do it at December 28 prices and it all shows up on the
January statement.
If I said to Mr. Parse, if I said to me -- the Court
may be situated differently, the Court's been educated by this
trial. If I said can I put that tax deduction on my year one
return, in that situation, even though it was mistake, it never
got accepted, I'd say I don't know, you should ask a tax
lawyer. And that's what Mr. Parse said. He made the
transactions, he made the change, not a single document at
Deutsche Bank reflected that this happened other than the as of
which was a reflection of what the pricing was.
SOUTHERN DISTRICT REPORTERS, P.C.
(212) 805-0300
CAC3PARC
myself the other night, if somebody had said to me, and again I
apologize for the example, I won't try to belabor it. But
December 28 in year one if I gave 10,000 shares of IBM to a
charity and 10,000 shares to my daughter, right, and I said to
my broker just move them into those -- 10,000 to charity,
10,000 to my daughter. And the broker made a mistake. And
here's what makes it so tricky. The shares to the charity were
IBM; the shares to my daughter were Philip Morris. They
reversed it. The charity calls January 2nd and says we can't
take tobacco stock. We can't accept your gift. I call the
broker, I say what about this. He says we'll just reverse it.
It was our mistake. We'll send the Philip Morris to your
daughter and we'll send the IBM to the charity. And they
reverse it and they put as of December 28 because they reverse
it and do it at December 28 prices and it all shows up on the
January statement.
If I said to Mr. Parse, if I said to me -- the Court
may be situated differently, the Court's been educated by this
trial. If I said can I put that tax deduction on my year one
return, in that situation, even though it was mistake, it never
got accepted, I'd say I don't know, you should ask a tax
lawyer. And that's what Mr. Parse said. He made the
transactions, he made the change, not a single document at
Deutsche Bank reflected that this happened other than the as of
which was a reflection of what the pricing was.
SOUTHERN DISTRICT REPORTERS, P.C.
(212) 805-0300
DOJ-OGR-00009492
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