confidential private placement memorandum explaining the offering's terms and associated
risks. Robert Roberts explained that the Roberts learned nothing from Donnerstag about DBSI
that they did not learn from Rottman. He also testified that he reviewed various DBSI properties
before concluding that DBSI North Stafford was a good fit for their investment purposes.
According to Robert Roberts, Donnerstag did not refer, investigate, or examine any DBSI
properties for the Roberts. He explained that Donnerstag had no further involvement with the
Roberts from the point of the referral until after the transaction, and neither Donnerstag nor
anyone at CB Richard Ellis,Inc. encouraged the Roberts to invest in DBSI North Stafford.
Donnerstag also included Anne Roberts's deposition, which echoed that of her husband.
She stated that Donmerstag did not directly provide any information about DBSI North Stafford.
She expressed that they obtained all of the property information from a DBSI property
prospectus. She added that she did not communicate with Donnerstag about DBSI North
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Stafford until after the Roberts had invested in it and that the Roberts sued Donnerstag because
the price of the property was misrepresented." CP at 204. She acknowledged, however, that
that misrepresentation .. was contained in the written materials provided ... by DBSI,"and
Mr. Donnerstag never made a representation ... regarding the price of the property." CP at
204 05.
- She further admitted that the Roberts had an opportunity to question Rottman before
investing in the property.
5
No. 43018 5
- II
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Brad Roberts's deposition stated that he had experience buying and selling securities with