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establish the U.S. Property Trust, which invested money from
English and Scottish pension funds.
Petitioner was financially successful. In 1974, he bought
50 acres of land in Sonoma County, California. He started a
vineyard which produced about $50,000 per year net of expenses
and taxes starting in 1979. Petitioner sold the vineyard in
1988.
B. Dondi Financial Corp.
1. Petitioner's Association With Dondi Group, Inc.,
From January to September 1981
Dixon contacted petitioner in 1980. Dixon wanted petitioner
to work for him. At Dixon's request, petitioner went to Dallas
in January 1981 to see Dixon's home building business.
Petitioner decided to work for Dixon. Petitioner joined Dixon's
organization, Dondi Group, Inc., and ran a subsidiary financing
company called Dondi Equities. Petitioner commuted between
London and Dallas from February to May and moved to Dallas in
June 1981. While working at Dondi Equities, petitioner met Woody
Lemons (Lemons). Lemons was president of Vernon Savings & Loan
(Vernon) at the time.
Petitioner stopped working for Dondi Equities in September
1981. He moved to Houston, Texas, and started building single-
family homes and an apartment project with a friend.
2. Dixon's Purchase of Vernon
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