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Petitioner contends that a judge dismissed a civil lawsuit
by petitioner's investors against him and contends that this
shows that he did nothing wrong. We disagree. The record does
not show why the lawsuit against petitioner was dismissed. We
draw no inference from his unsubstantiated statement that a suit
against him was dismissed.
Petitioner contends that we can reasonably infer from the
fact that his investors generally did not respond to Elwood's
letter that he had authority to use their funds for personal
investments. We disagree. As petitioner noted, the investors
may have had several reasons for not answering Elwood's letters,
such as they did not want to help petitioner because they were
angry that they had lost substantial sums of money, or they did
not take the letter seriously because it contained grammatical
mistakes. We do not believe that their silence shows that they
approved.
Petitioner contends that the fact that he borrowed $200,000
in 1990 to repay money he received in 1989 to invest in World
Golf & Tennis but instead used for personal investments shows
that the funds he received in 1989 were a loan. Petitioner's
argument misses the mark. Even if petitioner used the funds he
borrowed in 1990 to replace the $200,000 he used for personal
purposes in 1989, he has not shown that those funds were a loan
to him in 1989.
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