Wale O. Osijo - Page 6

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          petitioner’s behalf, filed a lawsuit against various defendants,            
          including petitioner’s employer (the security company) and the              
          managers and owners of the housing complex.  Many of the                    
          defendants were insolvent or judgment proof.  There was, however,           
          an applicable insurance policy issued by Home Insurance Companies           
          (Home Insurance).4                                                          
               In July 1991, Ms. Michell, without petitioner’s knowledge or           
          consent, settled the case against the defendants for $250,000,              
          and a check was issued by Home Insurance to the “Trust Account of           
          Ganong & Michell, as Trustees For Wale O. Osijo” in the amount of           
          $250,000 on July 26, 1991.  In 1993, petitioner was asked by Ms.            
          Michell to sign a settlement distribution statement reflecting              
          the following:                                                              
               Funds received                $250,000.00                              
               Less legal fees                      112,500.00                        
               Costs advanced1   $4,807.10                                            
               To Be Paid                                                             
          Department of Industrial Relations                                          
               Uninsured Employers Fund           $10,000.00                          
               Balance due client                  122,692.90                         
               Interest on account                    8,844.15                        
               Total                              131,537.05                          
               1  Details of the costs advanced are omitted.                          

          4  As part of the litigation, petitioner signed a                           
          “Plaintiff’s Response To Form Interrogatories (set. #1)”, which             
          included the following response: “Question 2.6(a) Self-employed             
          tax and management consultant, 4516 East Belmont Avenue, Fresno             
          California 93702.”                                                          

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