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felt it cost him nothing to give away his shares (which he did)
to potential investors or people who could refer potential
investors.
In 1985, Mr. Davis resigned from all positions he held in
public entities and prominent charitable organizations in which
he had been involved to direct his attention to defending himself
in various governmental proceedings that were underway. Mr.
Davis was under investigation by the Immigration and
Naturalization Service, the Environmental Protection Agency, and
the Securities and Exchange Commission (SEC). He also was under
investigation for criminal mail fraud. The Internal Revenue
Service (IRS) was conducting a "TCMP" audit, and State and city
officials also were conducting income tax audits.
These various proceedings garnered Mr. Davis a lot of
unfavorable local publicity on radio and television and in
newspapers and magazines. During this time, Mr. Davis' ability
to generate income from the public entities he was associated
with was limited.
Mr. Davis' Employees
1. Jean Davis
In 1964, Jean Davis began working for Mr. Davis as a
secretary.1 In the early 1970's, her duties expanded to include
1 Jean Davis and Mr. Davis are not related.
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