David C. Wilson - Page 12

                                       - 12 -                                         
          Clearwater; however, he did not receive a fee directly from                 
          Clearwater for the EI investments.  Efron was aware that Gordon             
          received commissions from the sale of some units in recycling               
          ventures.6  Gordon recommended investing in the Clearwater                  
          offering to the investors in EI, as well as to some of Gordon's             
          other clients.                                                              
               Wilson attended a junior college in southern California for            
          2 years and then attended the University of Illinois for 1-1/2              
          years.  At the University of Illinois, he majored in physical               
          education.  Wilson has had no additional formal education since             
          leaving the University of Illinois in 1981 to play professional             
          football for the New Orleans Saints.                                        
               Prior to entering the National Football League, Sorey                  
          attended the University of Illinois.  When he was drafted by the            

          6                                                                           
               The Clearwater offering memorandum states that the                     
          partnership will pay sales commissions and fees to offeree                  
          representatives in an amount equal to 10 percent of the price               
          paid by the investor represented by such person.  The offering              
          memorandum further states that if such fees are not paid "they              
          will either be retained by the general partner as additional                
          compensation if permitted by applicable state law, or applied in            
          reduction of the subscription price."  The Efron Investors'                 
          Schedule K-1 for 1981 shows that EI paid full price, $350,000,              
          for its seven units of Clearwater, so the 10-percent commission             
          was not applied to reduce the subscription price.  Gordon                   
          specifically stated that in the case of EI he did not directly              
          receive the sales commission.  Efron expressed doubt that he                
          individually had been an offeree representative in connection               
          with Clearwater or any other transaction.  There are suggestions            
          that the commission might have been paid to MFA or offeree                  
          representatives of individual investors, but the record on this             
          subject is inconclusive.  Wayne Paulson was Wilson's offeree                
          representative and Norman Diamond was Sorey's offeree                       
          representative with respect to EI.                                          




Page:  Previous  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  Next

Last modified: May 25, 2011