- 3 - dam), a certified public accountant, who was a partner of Nicho- las J. Coscia (Mr. Coscia) in the accounting firm of Coscia and Amsterdam (Coscia and Amsterdam). Petitioners never had any problems with Mr. Amsterdam's tax return preparation services. Sometime during the early 1980's, petitioner asked Mr. Amsterdam on several occasions for recommendations regarding possible investment opportunities, but Mr. Amsterdam declined to make any such recommendations until around 1983. Around that year, Mr. Amsterdam recommended to petitioner that he invest in Ridge Energy Systems (Ridge Energy), a limited partnership in which both Mr. Amsterdam and Mr. Coscia had invested and which Mr. Amsterdam described to petitioner as a "good investment" that would allow petitioner to reduce his taxes through a tax credit and at the same time make a profit. Based on petitioner's discussions with Mr. Amsterdam and his review of a document that petitioner believed was a prospectus (prospectus), it was petitioner's understanding that Saxon Energy Corporation (Saxon Energy) was to lease certain energy-saving, cost-efficient heating and cooling systems (energy systems) to Ridge Energy, Ridge Energy was to re-lease those systems to various businesses interested in reducing their heating and cooling costs, and Ridge Energy was to derive a profit for its partners from that leasing activity. Before deciding whether to invest in Ridge Energy, peti- tioner did not (1) review a copy of any lease agreement thatPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Next
Last modified: May 25, 2011