- 3 - Financial Services (CFS). CFS was involved with Utah I as well as some other endeavors. Petitioner assumed Mr. Jones received a commission on every transaction he did for petitioner. Petitioner did not know whether Mr. Jones had a college education or a background in agriculture or research and development endeavors. For 2 or 3 years prior to petitioners' investment in Utah I, Mr. Jones acted as financial manager and adviser on investments for petitioner's medical practice pension plan. Mr. Jones advised petitioner to invest in stocks, bonds, and mutual funds, as well as in CFS investments. One of the CFS investments was in a real estate investment trust. Mr. Jones also prepared an estate plan for petitioners and showed them how their investments would grow. Petitioners received a rate of return between 10 and 20 percent on their investments during the first 2 or 3 years while using Mr. Jones as their financial adviser. Petitioner considered Mr. Jones a trusted adviser who gave sound advice. Mr. Jones approached petitioner in early November 1982 about the investment in Utah I. Petitioner was aware that there was a substantial tax advantage from the Utah I investment in the first year. Petitioner did not read the materials provided by the partnership very carefully. He read an article about jojoba that explained that there were many potential uses for it, that thePage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
Last modified: May 25, 2011