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mathematics, biology, health, physical education, and was also
involved in coaching at the secondary school and college levels.
Petitioner and George Chalich (Mr. Chalich) were friends who
had met in high school, played high school football together,
and, for a time, were teachers at the same school. After Mr.
Chalich retired from teaching, he solicited petitioner's interest
in certain tax-sheltered annuities and investment opportunities.
Mr. Chalich sold investments for Professional Investors Group,
Inc. (Professional), a Washington corporation. Mr. Chalich asked
petitioner if he knew of any other teachers who were interested
in investing. Ultimately, petitioner and another friend and
teacher, Bill Pecha (Mr. Pecha) talked to Mr. Chalich about
investing. Mr. Pecha, whose educational background was in
chemistry, and petitioner worked together in a college wrestling
program.
Petitioner and Mr. Pecha discussed, with Mr. Chalich,
investment in an energy saving device through a promotion of
Saxon Energy Investment (Saxon). Petitioner had also discussed
other possible investments with Mr. Chalich, including one
involving stamps (Philatelic) and another involving electrical
pain management (Xylocain). Petitioner was interested in energy-
related investments because of increases in gasoline prices, the
effects of an oil embargo, and because sources of energy were
becoming more limited. Petitioner discussed with Mr. Pecha the
possibility of investing in Saxon, which was being offered or
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