Dixie Van Aernam - Page 21




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          Pelican Avenue transaction):  Steven found the Pelican Avenue               
          property.  He, along with John Richards, intended to improve it             
          by building a house upon it, which they would then sell.  John              
          Richards and Steven’s father contributed $9,000 and $2,000,                 
          respectively, towards the purchase price.  Steven convinced                 
          petitioner to contribute $3,000 or $3,500.  Steven made no cash             
          contribution.  The contract of sale was between Sandra Archer, as           
          seller, and the Van Aernams, as buyers.  When Steven was                    
          arrested, the purchase price had been paid, and the time                    
          specified in the sale contract to close the purchase had expired,           
          but no closing had taken place.  Petitioner, worrying that she              
          would lose her money, asked for a deed, and, on May 21, 1994, she           
          obtained the first quitclaim deed from Ms. Archer.                          
          On July 15, 1994, Steven obtained the first warranty deed from              
          Ms. Archer.  On July 25, 1995, Steven conveyed the property back            
          to petitioner by the second quitclaim deed.  By letter dated                
          November 15, 1995, John Richards, by his attorney, suggested that           
          Steven convey the property to Mr. Richards, who would purchase              
          Steven’s interest for a “fair” price.  The property was                     
          subsequently sold for $15,000.                                              













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