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D. Keith and Marilyn West
In 1956, Keith West (Keith) graduated from the University of
Minnesota with a bachelor of science degree. After graduation,
Keith was employed in the engineering department of Benson
Optical Co. (Benson). Subsequently, Keith was promoted by Benson
to vice president of operations, then executive vice president,
and then ultimately president. Keith was the president of Benson
from 1977 to 1985. Benson had 1,600 employees and had offices
and laboratories in 23 States. Eight or nine vice presidents
reported directly to Keith, as president. In 1969, Benson was
acquired by a publicly held company, Frigitronics. At one time,
Keith also served on Frigitronics’ board of directors.
Prior to 1982, Keith had only made a small number of
investments. He had accumulated Benson Optical stock, and he had
Frigitronics stock after the acquisition. Also, he had made a
limited partnership investment in fourplexes in Minneapolis, at
the suggestion of a friend and neighbor who was a partner in the
selling company. In 1982, Keith was 51 years old and was
interested in planning for his future retirement. Upon the
recommendation of a friend, Keith contacted a Cigna
representative named Ernest Mejia (Mejia). Keith had some
familiarity with Cigna because he understood that Cigna was a
division of Connecticut General Life Insurance Co. (Connecticut
General). One of the alternative investments offered to
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