- 8 - Investors (DDI). In turn, a check in the same amount was issued from petitioners' personal checking account (signed by Cheryl Sutter), payable to Columbus. Charles Sutter signed a "Promisary [sic] Note (Interest)" payable to DDI. Except for the date, maker, holder, and amount, the note he signed in connection with his Columbus policy is substantially identical to the note signed by his wife in connection with her Columbus policy. Charles Sutter allowed his Columbus policy to lapse after the initial period of coverage, as was his option. He never paid any other premium on the policy. Shortly after being executed, the note to DDI was repaid by SBTA, a Wyoming corporation controlled by Daniel Schwab and Vance Schwab. Charles Sutter never signed a note payable to SBTA, or made any payments to SBTA, in connection with this transaction. DDI is an unincorporated business owned and controlled by Evan and Marie Walton. Through DDI, the Waltons provided funds to customers or clients of the Daniel Schwab Agency under circumstances similar to those described above. The Waltons dealt directly with one of the Schwabs and not with either petitioner, or similarly situated individuals. In this case, and in numerous similar transactions, the Waltons were repaid by SBTA, as expected and in accordance with their arrangements with the Schwabs.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
Last modified: May 25, 2011