Kenneth and Dorothy Hitchen - Page 4

                                        - 4 -                                         
          incorporated herein by this reference.  Petitioners resided in              
          Weed, California, on the dates the petitions were filed in these            
          I.   Petitioners and Their Investment                                       
               Petitioner husband (Mr. Hitchen) was raised in England,                
          where he left school around the age of 14.  Mr. Hitchen worked at           
          various jobs and then served in the military for 5 years.                   
          Petitioners were married in 1953, and they came to the United               
          States in 1956.  Mr. Hitchen began working at General Mills in              
          Lodi, California, in 1958, and he continued working there through           
          the years in issue.  Mr. Hitchen earned wage income of $45,353 in           
          1984, $47,746 in 1985, $51,797 in 1986, $50,574 in 1987, $50,004            
          in 1988, and $57,076 in 1989.  Petitioner wife (Ms. Hitchen)                
          worked in an office prior to coming to the United States in 1956,           
          but she has not worked outside the home since that time.                    
               In the latter part of 1986, Mr. Hitchen learned that several           
          of his co-workers at General Mills were involved in investments             
          promoted by Mr. Hoyt.  At that time, Mr. Hoyt was paying                    
          approximately $50 per investor as an incentive for current                  
          investors to bring in new investors.  Mr. Hitchen asked his co-             
          workers about the investment, and petitioners then decided to               
          look into making an investment themselves.                                  
               Petitioners attended several investment meetings together.             
          Following these meetings, petitioners decided to invest in one of           

Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011