Word: ammidon
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Dates: during 1970-1979
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...least some of Home-Stake's victims now admit embarrassedly that they should have known better. Hoyt Ammidon, chairman of U.S. Trust Co., concedes that the oil department of his own bank took a dim view of Home-Stake, but he disregarded its opinion and invested $114,000. A revised Home-Stake prospectus issued in 1971 should have raised red flags for businessmen, if they read it. Robert Metzger, president of Resource Programs, a firm that sells advice to investors in oil and gas, says that he and his colleagues used to "sit down and read the Home-Stake...