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5 percent of the general partner of partnerships involved in
approximately 14 transactions with respect to river
transportation (such as barges, tow boats, and grain elevators).
Although investment counseling was related to his firm's
line of business, Becker did not consider himself in the business
of providing investment advice. Becker did not normally hire
other professionals for consultation or advice. In circumstances
where he believed there was a need for outside advice, he would
so advise the client. Between 30 and 40 of Becker's clients
invested in the Plastics Recycling partnerships.
Becker learned of the Plastics Recycling transactions when a
prospective client presented him with an offering memorandum
concerning the transactions in August or September 1981. Becker
reviewed the offering memorandum and spoke to Miller, one of the
key figures in the transactions and an acquaintance of Becker's.
Miller was a shareholder of F & G Corp. and, as noted, the
corporate counsel to PI. He also represented Grant and some of
Grant's clients. Thereafter, Becker recommended the investment
to the prospective client. Although the prospective client did
not invest in the Plastics Recycling transactions, Becker became
interested in the proposal and organized the SAB Recycling
Partnerships in order to make similar investments in Sentinel EPE
recyclers conveniently available to appropriate clients.
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