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December 1993, petitioner authorized First National to transmit
$32,500 to a bank in Cincinnati, Ohio, so that a debenture could
be purchased to be held in the IRA account. Petitioner informed
First National that the investment would yield semiannual
interest payments. First National transmitted the funds
according to petitioner’s request. First National then sent
petitioner a letter instructing petitioner to have the debenture
issued to “First National Bank of Ogden F/B/O Lawrence K. Mudd
Trust #65", and to have the debenture forwarded to First
National. First National never received the debenture and never
received any interest payment therefrom.
Throughout 1994, First National sent several letters
addressed to petitioner requesting information about the
debenture and informing him that the bank had never received the
debenture or any interest payment. In January 1995, First
National sent a letter to petitioner informing him that the bank
would be resigning as the custodian of petitioner’s IRA account.
In February 1995, First National mailed petitioner a check in the
amount of $1,582.58, representing the balance remaining in
petitioner’s IRA account, less certain fees. In December 1995,
after petitioner had failed to cash this check, First National
put a stop payment on the check and mailed in its place a
cashier’s check in the amount of $1,562.58, reflecting an
assessed fee of $20. In 2001, after the cashier’s check still
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Last modified: May 25, 2011