Gilfred B. and Patricia Swartz - Page 4




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               Petitioner met Paul Trimboli at some time prior to 1983,               
          when Mr. Trimboli began assisting petitioners with their taxes.             
          Mr. Trimboli had been working at the public accounting firm                 
          Bugni, LaBanca & Paduano, doing primarily tax work and some                 
          auditing work.  In 1983, he started a business with a partner as            
          a certified public accountant and financial planner.  By the end            
          of 1983, in addition to a bachelor’s degree in accounting, Mr.              
          Trimboli had completed four of the five courses required to                 
          become a certified financial planner through the College of                 
          Financial Planning.                                                         
               Mr. Trimboli learned of jojoba investments in early 1983,              
          and he became especially interested in an investment known as               
          Arid Land Research Partners (“Arid Land” or “the partnership”).             
          In June 1983 and again in September 1983, Mr. Trimboli traveled             
          to California to investigate the partnership as a potential                 
          investment opportunity.  He traveled to Blythe, California, and             
          to Bakersfield, California, where there were plantations on which           
          jojoba was already being grown.  He also visited a research                 
          facility located at the University of California at Riverside               
          which was involved in the growing of jojoba.  On these trips, Mr.           
          Trimboli met with Robert Cole, who would become the general                 
          partner of the partnership, and Eugene Pace, who was the                    
          president of what was to become the purported research and                  
          development contractor to the partnership, U.S. Agri Research &             






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