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worked as an equipment salesman, and Ms. Van Scoten was a
respiratory therapist.1
Mr. Van Scoten’s father, Edward Van Scoten, has a bachelor’s
degree. He served in the Air Force for approximately 21 years,
after which time he taught at a community college and worked for
an electronics corporation. He also had limited experience with
dairy farms-–he spent his childhood living on or near dairy
farms, and as a teenager and for 1 year, amidst his Air Force
career, he worked on a dairy farm.
Edward Van Scoten invested in a Hoyt partnership in December
1983. He first learned about the Hoyt organization from his
nephew, who had already invested in a Hoyt partnership. In
making his own investment, Edward Van Scoten relied upon
information obtained from his nephew and from the Hoyt
organization. He did not seek outside advice, such as advice
from an attorney or accountant. After making his investment,
Edward Van Scoten spent one summer working on a Hoyt ranch, where
he drove a truck hauling hay bales. He also attended monthly
Hoyt partner meetings over a period of several years starting in
the early 1990s.
Petitioners first learned of the Hoyt partnership
investments from Mr. Van Scoten’s father in 1988. Mr. Van Scoten
knew that his father “had been in it for quite a number of years,
1On the 1990 and 1991 Federal income tax returns signed by
Ms. Van Scoten, both state that she was a receptionist.
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