- 16 - trading decisions in the future on behalf of petitioner. Short was very interested in the Hunter program and advised petitioner of the substance of the initial meeting with Russ Klein. Short testified that he did not receive the promotional material nor learn about the favorable tax benefits of straddle trading in the Hunter program until his final meeting with Klein, which peti- tioner attended. Petitioner testified that he reviewed the Hunter promotional material, including "Summary of Federal Income Tax Consequences" and discussed the tax consequences of the Hunter program with Short prior to making his actual Hunter investment. Petitioner did no further research regarding the Hunter program. Petitioner testified that he did not check into any of the credentials of the individuals who wrote the Hunter promotional material. Petitioner decided to make his investment with Hunter in December 1980 based on the information Short obtained from his meetings and conversations with Klein and due to repeated calls from Klein urging him to make an investment with Hunter immedi- ately. Klein's reason for wanting petitioner to invest at that time was that the volatility of the gold market presented an opportunity for immediate tax benefits. Short testified that some of the considerations for investing in Hunter programs at that time were to maximize profits during a volatile market and to take advantage of the tax benefits.Page: Previous 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Next
Last modified: May 25, 2011