- 8 - business and started a new business known as NBO. NBO was a discount retail store chain which sold menswear. Petitioner sold half of NBO to a Canadian business conglomerate in 1984, but he continued to run the business. In 1988, petitioner sold his remaining interest in NBO for $25,000,000. Petitioner was an active investor in the 1980's. Between 1980 and the date of trial, petitioner estimated that he invested approximately $16,000,000 in somewhere between 65 and 70 different enterprises. Petitioner generally relied on his own judgment in evaluating proposed investments under $100,000; for larger investments he sought out professional guidance or counsel. Petitioner learned of the Hyannis investment through an acquaintance, Elliot I. Miller (Miller). At that time, Miller was a practicing attorney who was experienced in tax matters and was employed as corporate counsel to PI. Miller was a shareholder in F & G in 1981. He shared office space with Raymond Grant (Grant) and Richard Roberts (Roberts) from 1982 through 1984. Grant was the 100-percent owner of the stock of ECI. Miller represented Grant personally and Grant's clients who invested in other programs that Grant promoted. Miller recommended that petitioner speak with Roberts about proposed investments. Roberts was a businessman and the general partner in a number of limited partnerships that leased Sentinel EPE recyclers, including Hyannis. Roberts was also a 9-percentPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011