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expected the investment could generate a profit of approximately
$30,000. On September 22, 1993, Phoebe brokered an agreement of
sale between the sellers and “George Turner & Betsy Turner, or
their assignee”. In October 1993, George opened a checking account
in the name of “TTLP t/a Lewisville Properties” at First National
Bank of West Chester. The account was opened with a check from the
Turner Partnership in the amount of $20,000. George advised the
bank that Phoebe, Betsy, himself, and William Robinson (a C.P.A.),
would have signatory authority for the account.
On October 15, 1993, Lewisville Properties was purchased by
the Turner Partnership for approximately $44,000. The partnership
financed the purchase and construction costs of Lewisville
Properties through a margin loan made on the brokerage account of
the Turner Partnership. The total investment in the property was
approximately $186,000.7
4. Woodlands Property
Woodside Farm was the private residence of Betsy and George;
it was listed as the principal place of business for both the
Turner Partnership and Turner Corp. Adjacent to Woodside Farm were
22 acres known as Woodlands Property. The property contained a
swimming pool and small pool house, trails, a pond, and a dam. On
7 In Nov. 1995, Lewisville Properties was sold for a net
loss to the Turner Partnership of approximately $60,000. Phoebe
received a commission of $9,120. She applied this amount toward a
$15,000 loan borrowed from decedent.
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