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University. He also attended an advanced management program at
Harvard following the completion of his degree there, as well as
postgraduate courses in economics at the University of California
at Berkeley. Petitioner’s primary career path was in the United
States Navy. Among other duties, petitioner was responsible for
various budgetary, financial, and accounting matters, and spent
time as an instructor in management, economics, and international
affairs at the Industrial College of the Armed Forces. After
retiring from the Navy and from a subsequent financially related
career at American Standard, petitioner began working for E.F.
Hutton in 1982. While there, he participated in a 3-month
investment training course for brokers. He earned certification
as a certified financial planner, and was licensed by
approximately 10 insurance companies for work related to
annuities and life insurance products.
Around 1980, while petitioner was employed by American
Standard, he learned of jojoba as an investment opportunity. In
the following years, petitioner learned more about jojoba by word
of mouth and by reading articles concerning it. Near or prior to
the time petitioner joined E.F. Hutton in 1982, he invested in
Jojoba Research Partners of Newport Beach, California (“the
partnership”). A colleague had recommended petitioner contact
the partnership’s general partner, Robert E. Cole. Petitioner
discussed the partnership with Mr. Cole on several occasions via
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