- 26 - of it". He explained that as to review of the offering memorandum, he "really left it to Bachmann." Reimann testified that his primary consideration for investing in Scarborough was profit, and that Bachmann never told him that the tax credits would exceed the amount of his investment. He could not or would not recall or state at trial the amount of the credits he and his former wife claimed on their 1981 return or whether they paid any taxes that year, although this information was on the face of the return he had come from California to testify about. On their tax return for 1981, the Reimanns claimed a tax refund in the amount of $21,570. Reimann claims he never asked anyone at Bachmann, Schwartz whether the firm was receiving a commission on the Plastics Recycling investment. He testified that he never made a determination that any of the recyclers would be placed with end-users prior to the time he made his investment but that he knew only that they were "planned to be placed." According to Reimann, "These things I left to Bachmann, Schwartz and Abramson." Marvin and Philip Yarnell likewise claim that they relied on the now-deceased Bachmann in deciding to invest in Plymouth. Philip Yarnell says he did not know whether Bachmann had any expertise in engineering or plastics. Marvin Yarnell knew Bachmann was not a specialist in plastics recycling, but he asserted confidence that Bachmann would have investigated the matter before recommending investment. Philip Yarnell testified that his primary reason for making the investment "was the factPage: Previous 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 Next
Last modified: May 25, 2011