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the 31 counts corresponds to a particular mailing either sent by
the Hoyt organization from Burns, Oregon, to a partner in one of
the cattle partnerships or a check sent by a partner in one of
the cattle partnerships to Burns, Oregon. These individual
mailings collectively establish that the victims of the mail
fraud were the individual cattle partners who received mailings
from the Hoyt organization and sent checks to the Hoyt
organization. For the sheep partnerships all to be victims of
mail fraud, each partnership would have had to receive some mail
from the Hoyt organization and then part with partnership
property based on false promises and false pretenses contained
within the mailing. No evidence was presented establishing that
these events ever occurred. Further, as previously stated, the
partnerships were not included in the indictment as victims of
the mail fraud.
The indictment charged and the prosecution proved that Jay
Hoyt and others made false representations and promises “to
prospective investors and current investors in order to obtain
money from them” using the “investors simply as sources of cash.”
The fraud was perpetrated on the investors; Jay Hoyt knew for
many years he did not have the total amount of livestock that he
claimed and could not meet the various guarantees he promised,
yet he continued to create new partnerships and fictitious
livestock as a scheme and artifice to defraud individuals. The
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