financial status of Penn Center. McGonigal knew that the information contained in this application was materially false.
23. Sometime between June 19, 1973, and August 9, 1973, the falsely completed credit card application (Ex. P-1) was submitted to Shamilzadeh at Pan Am. On or about August 9, 1973, Shamilzadeh returned the application to Pierce because it had not been signed. Thereafter Pierce, acting under the express direction of Barnes, signed the application in the name of McGonigal as president of Penn Center and returned it to Shamilzadeh.
24. On or about August 20, 1973, Shamilzadeh forwarded the credit card application of Penn Center to Phillip Baressi, the manager of Pan Am's credit department, along with a covering memorandum which stated as a reason for recommending approval of the application, "we [Pan Am] have recently concluded an agreement with this Company [Penn Center] to be their sole world wide carrier." Ex. P-18. Pan Am never had any such agreement with Penn Center, -- the agreement referred to in this memorandum was that between Pan Am and Leisurac discussed in finding No. 15.
25. The credit card application listed Continental and its employees Murdock and Roland Grey as "bank references."
26. No employee of Pan Am's marketing department (i.e., Roy, Makely, Shamilzadeh) had authority to override a decision of Pan Am's credit department as to whether or not a UATP card should be issued to a particular applicant or to order the issuance of a UATP card without first obtaining the approval of the credit department.
27. Sometime between August 20, 1973, and September 7, 1973, the credit department of Pan Am rejected the application of Penn Center.
28. Thereafter Barnes was notified that Pan Am's credit department had rejected the application because of a lack of information about Penn Center. Barnes called Roy and told him that Pan Am's credit department did not have accurate information on Penn Center and requested Roy have the credit department contact Murdock at Continental to verify Penn Center's credit-worthiness. Roy relayed this information to Baressi through Shamilzadeh, suggesting that Baressi investigate Penn Center further before rejecting its application.
29. After learning that the credit application had been refused, Barnes and McGonigal set about to create an "identity" for Penn Center. Sometime in August, 1973, Barnes, McGonigal, and Nate Gordon (Leisurac's chief financial officer) had a meeting at which they prepared a false business and financial picture of Penn Center which was then submitted to Dun & Bradstreet.
30. Dun & Bradstreet prepared a report based on the information supplied by McGonigal and Barnes. On or about September 7, 1973, McGonigal sent a copy of this report to Shamilzadeh who forwarded it to Baressi. This report stated falsely that Penn Center was engaged in substantial business activity as a financial management service. (Ex. P-9).
31. On or about September 11, 1973, McGonigal, acting at the direction of Barnes, opened a checking account at Continental in the name of Penn Center and contemporaneously mentioned to Murdock that he had done so and that Penn Center, theretofore a dormant corporation, was then being activated.
32. The checking account was opened with an initial deposit of $438.60, substantially all of which was Leisurac's money supplied to McGonigal by Barnes. Subsequently McGonigal made deposits to this account of $10,580. on September 13, 1973, $10,000. on September 20, 1973, and $10,000. On October 3, 1973, again using Leisurac's money supplied to him by Barnes.
33. Sometime after August 20, 1973, and prior to September 18, 1973, as part of his credit investigation, Baressi sent a form letter to Continental's credit department, requesting credit information on Penn Center.
34. In response to Baressi's request, Continental's employee, Ian R. Harvey, advised plaintiff by letter dated September 18, 1973, that Penn Center had opened an account with Continental on September 11, 1973, and that because of the newness of the account average balances had not yet been computed, but that the account was expected to "average in good four figure proportions" (Ex. P-5). Harvey's letter also stated that the president of Penn Center [McGonigal] had other related accounts with Continental and that these were maintained in a very satisfactory manner. The prediction of average account balances and the statement as to other accounts maintained by McGonigal were based on information given to Harvey by Murdock, who had handled much of McGonigal's other banking business with Continental.
35. At the time he gave Harvey the information referred to in the preceding finding, Murdock knew it was to be released in connection with a credit inquiry concerning Penn Center.
36. As of the time he gave Harvey the information referred to in finding No. 34, Murdock was aware that:
a) he had known McGonigal for approximately one year, their relationship having developed in connection with McGonigal's use of Continental's banking services for the local office of Pacific Mutual Insurance Company of which McGonigal was manager;
b) in connection with his insurance business McGonigal had referred some trust and estate business to Continental's trust department;