An accountant testifying for businesswoman Jung Ka Kim described yesterday as \u201clooting\u201d what attorney Ramon K. Quichocho and his wife, Frances, did to the companies owned by Kim, resulting in $2.3 million in losses.<\/p>\n
Certified public accountant Bruce M. MacMillan, who is also an accredited investment fiduciary, took the witness stand yesterday in the ongoing jury trial in federal court of the Quichocho couple, Quichocho\u2019s law firm, and the couple\u2019s Karissa LLC company.<\/p>\n
Kim retained MacMillan as an expert witness to investigate Quichocho\u2019s actions in relation to the legal services he provided to Kim in her poker machine businesses, Tan Dingo LLC and Latte Stone LLC.<\/p>\n
According to MacMillan\u2019s report, Tan Dingo LLC sustained $667,042 in losses; Latte Stone LLC, $1,551,828; and Soi-In Corp.-Rent & Property, $45,227. This brings the total loss of the three companies to $2,264,097.<\/p>\n
MacMillan said that due to Quichocho\u2019s failure to allow Kim full ownership of Tan Dingo, 16 poker machines have been stored in a warehouse, resulting in $318,380 loss of income, $318,662 in loss of business value, and $30,000 in loss of property value, for a total loss of $667,042.<\/p>\n
As for Latte Stone LLC, which owns 20 poker machines, MacMillan said that Quichocho took complete control of the company. This caused Kim loss of property value in the amount of $68,675, loss of $854,092 in income, and loss of $629,061 in business value, for a total loss of $1,551,828, he said<\/p>\n
Additionally, MacMillan said, Kim\u2019s Soi In Corp. suffered $45,227 in losses due to the Quichochos\u2019 alleged unpaid rent of various apartment units and loss of the furniture and equipment that were in the premises.<\/p>\n
Responding to a question by Kim\u2019s counsel, Colin M. Thompson, why he described the Quichochos\u2019 acts as looting, MacMillan said that when the Quichochos took control of the two poker companies, there were excessive amounts of withdrawals. MacMillan said that looting seems to be the primary motive as poker machine license renewals were done to a lesser degree.<\/p>\n
He noted that paying the salary of Quichochos\u2019 live-in housemaid out of Kim\u2019s company constitutes fraud because it\u2019s essentially evading taxes.<\/p>\n
MacMillan said the failure to renew the license of four poker machines means that the four machines operated illegally for a period of time. He said he determined that the machines were operating illegally by just reading the meters.<\/p>\n
MacMillan said that when Kim was in control of Latte Stone, the company was making consistent profit for several years. The Quichochos subsequently drained the company by withdrawing excessive amounts of resources ($250,953), he said in his report.<\/p>\n
\u201cBy having nothing invested or at risk, it was easy and beneficial for them to loot the company for as long as they could. Trying to maintain the operation as a \u2018going concern\u2019 does not appear to have been their objective,\u201d he stated.<\/p>\n
When Saipan Tribune left the courtroom yesterday late afternoon, attorney Michael Dotts, counsel for the Quichochos, was readying to question MacMillan.<\/p>\n
Kim completed her testimony yesterday.<\/p>\n","protected":false},"excerpt":{"rendered":"
An accountant testifying for businesswoman Jung Ka Kim described yesterday as \u201clooting\u201d what attorney Ramon…<\/p>\n","protected":false},"author":23,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[56],"class_list":["post-28230","post","type-post","status-publish","format-standard","hentry","category-local-news","tag-business-3"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/28230","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=28230"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/28230\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=28230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=28230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=28230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}