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From 1982 through 1985, Roberts and Grant were in the
business of promoting tax-sheltered investments. Roberts and
Grant also served as general partners in other investments.
Before the Whitman transactions, Roberts and Grant were clients
of the accounting firm H.W. Freedman & Co. (Freedman & Co.).
Harris W. Freedman (Freedman), a certified public accountant
and the named partner in Freedman & Co., was the president,
chairman of the board, and 9.1 percent owner of F&G. Freedman
was experienced with leveraged leasing, and he owned 94 percent
of a Sentinel EPE recycler.
Freedman & Co. prepared the tax returns for ECI, F&G, and
Clearwater Group, the partnership that was involved in Provizer
v. Commissioner, supra. Although Freedman & Co. did not prepare
the initial financial projections included in the Whitman private
placement offering memorandum, Freedman & Co. reviewed those
financial projections and made suggestions as to format and
substance.
Freedman & Co. also provided tax services to John D. Bambara
(Bambara). Bambara was the president and sole owner of First
Massachusetts Equipment Corp. (FMEC Corp.), another entity that
was involved in Provizer v. Commissioner, supra. Bambara was
also the president of PI and a member of its board of directors
and with his wife and daughter also owned 100 percent of the
stock of PI, the corporation that sold the recyclers to ECI in
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