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better plan for retirement. Although Mr. Myers attended Mr.
Matsuda’s seminar on Jojoba, or otherwise spoke with Mr. Matsuda
regarding an investment in Jojoba, Mr. Myers indicated on his
offeree questionnaire that he did not intend to rely on anyone’s
advice in evaluating the merits and risks of the investment.
Petitioner did not attend a seminar or otherwise speak with Mr.
Matsuda regarding Jojoba; she spoke only with Mr. Myers.6 We see
no basis for petitioners’ claim that the Myerses relied on
professional advice.
Furthermore, petitioners have not demonstrated that Mr.
Matsuda had sufficient expertise and knowledge of the pertinent
facts to provide informed advice on the subject matter. Although
Mr. Matsuda was a certified financial planner, petitioners did
not prove that Mr. Matsuda had expertise or knowledge regarding
jojoba or could provide informed advice on the Jojoba investment
or the tax consequences thereof.
Lastly, petitioners have failed to convince us that the
Myerses reasonably relied on any advice Mr. Matsuda may have
offered. The Myerses knew Mr. Matsuda was compensated for
6After Mr. Myers’s death, petitioner spoke with the estate’s
probate attorney regarding the promissory note but never
discussed the tax consequences or any other Jojoba matter with
him. Discussions she may have had with Mr. Myers’s stepmother
were more for a basic understanding of tax than about Jojoba or
its tax consequences. Petitioners do not contend they reasonably
relied on the estate’s probate attorney or Mr. Myers’s
stepmother.
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