Respondent owned and operated his own business for over 35 years. In preparation for his retirement, respondent invested approximately $200,000 in conservative, low-risk annuities which yielded a 7.75% annual return. Early in 1990, Robert Croland, an employee of Kidder, Peabody & Co., convinced respondent to liquidate his annuities to invest in what was represented as conservative, low-risk limited partnerships which would yield a 9% annual return. Respondent thereafter...
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