- 18 -
filed. Nadine Grelsamer is a petitioner in docket No. 5788-90
solely because she filed a joint Federal income tax return with
her husband Philippe for the year in issue.
Philippe Grelsamer (Grelsamer) graduated high school in
France and thereafter received a B.S. degree in industrial
engineering from the Rensselair Polytechnic Institute (RPI) in
New York State in 1945. He then worked for 2 years in the
engineering department of the Carrier Corp. (Carrier), which he
considered to be the leading air conditioning and refrigeration
corporation in the United States, if not the world. After
leaving Carrier, Grelsamer worked in the marketing department of
a cosmetics firm for several years and after that as an agent for
a biochemical manufacturer that specialized in products for the
cosmetics industry. Sometime in the late 1950's or early 1960's,
Grelsamer became self-employed as a money manager. At that time,
he already had started managing money for family members and
friends. Grelsamer invested his clients' money in the stock
market and liquid securities in general. Over the years,
Grelsamer has reviewed hundreds of preliminary prospectuses and
he has personally invested in dozens of private placements.
After the oil embargo in the early 1970's, Grelsamer sought
to invest in oil drilling ventures. He expressed his interest to
a social acquaintance who had experience in the oil business,
petitioner Morgan. Morgan was interested, and the two contacted
Page: Previous 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 NextLast modified: May 25, 2011