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the board of directors of Riverside Thrift & Loan Association.
From 1957 to 1973, Mr. Jacobs worked for the Internal
Revenue Service (IRS) as a revenue agent and later as an
examination manager. As a revenue agent, Mr. Jacobs served as a
dairy specialist and later as a cattle feeding specialist. As a
manager, Mr. Jacobs supervised the examination of agricultural
businesses in Riverside and Imperial Counties in southern
California.
After resigning from the IRS, Mr. Jacobs entered private
practice as an accountant. In 1983, he maintained his own
practice as a certified public accountant.
In 1982, Mr. Jacobs became interested in the farming of
jojoba in Desert Center, California. Mr. Jacobs also sold
limited partnership interests in a number of jojoba partnerships.
At no time relevant to this case did Mr. Jacobs have any
experience or expertise in the research or development of jojoba.
D. Petitioner’s Friend and Associate Eugene C. Pace
Eugene C. Pace (Mr. Pace) was petitioner’s friend and
business associate. Like petitioner, Mr. Pace was a member of
the board of directors of Riverside Thrift & Loan Association.
Like Mr. Kellen, Mr. Pace was an attorney.
Mr. Pace was president of U.S. Agri, see infra “G”, and a
member of its board of directors.
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