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contractor for three of the properties that Universal would lease
to Series 162.
The limited partnership interests in Series 162 were sold by
Chadwick Investor Services, Inc. (Chadwick), a corporation owned
by Belloff, Gold, and Ronald Cohen (no relationship to Irving
Cohen). As compensation for selling the limited partnership
interests in Series 162, Chadwick received a commission of 10
percent of the cash invested by the limited partners. Chadwick,
in turn, paid a commission to its independent sales
representatives.
During 1983, petitioner became involved in selling, as an
independent sales representative, limited partnership interests
in the 1983 Barrister partnerships, including Series 162.5 As a
result of those sales, petitioner received commissions during
1983 from Universal, Chadwick, and Townsend totaling $55,375.
During 1984, petitioner received commissions from Parliament
Securities, Inc.,6 Universal, and Carrington Associates, an
affiliate of Universal's, totaling $66,650.
In December 1983, petitioner acquired a 4.8781 percent
limited partnership interest in Series 162 for $25,000, paying
5
Prior to 1983, petitioner had been a salesman for 25 years.
Among the products previously sold by petitioner were mutual
funds and life insurance. Petitioner has a college degree in
business.
6
In 1984, Chadwick changed its name to Parliament Securities,
Inc.
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Last modified: May 25, 2011