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Jay Hoyt was also convicted of money laundering for
concealing from the bankruptcy trustee over $1,600,000 in funds
received from investors after June 5, 1997, that were deposited
into First Security Bank and later withdrawn in varying
increments. The 17 money laundering counts for which Jay Hoyt
was convicted each represent individual checks drawn on the First
Security Bank account that were each (1) made payable to Hoyt
related partnerships or individuals, and (2) of a value greater
than $10,000. The dates for each of these 17 checks range from
on or about June 30, 1997, through January 15, 1998.
Accordingly, the money laundering conviction, which was based on
activities that commenced in 1997, cannot possibly be used as
evidence to establish a theft prior to that date. Since 1996 is
the last year at issue for all of the nine sheep partnerships,
the money laundering conviction in no way establishes a theft
from any of the sheep partnerships for any of the years at issue.
Rejecting the arguments advanced by petitioners, the Court
holds that none of the Federal crimes committed by Jay Hoyt
establish that a section 165 theft was perpetrated on the
partnerships for any of the years at issue. Accordingly, a theft
from each partnership of partnership property must be proven
under another theory for petitioners to establish that the
partnerships were the victims of theft.
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