- 14 -
monitor. We certainly got the mail from the Internal Revenue
Service as well as from the partnership. And that’s about all we
could monitor.” Keith also acknowledged that he did not
undertake any independent investigation regarding the value of
the recyclers and that he was fully aware of the tax benefits
associated with investing in Masters.
E. Warren and Elizabeth West
In 1955, Warren West (Warren) received a bachelor of science
degree in civil engineering from the University of Minnesota.
After graduation, Warren was employed by the Center City Co.
(Center City). Eventually, Warren became the president of Center
City. At times, Warren also sat on the boards of three publicly
held companies.
Prior to 1982, Warren invested mostly in shares of publicly
traded companies. Sometime during 1982, Warren learned about
Hamilton from Mejia, an agent for Cigna who was working with
Warren with regard to his financial and estate planning. Warren
asserts that Mejia told him that he had traveled east and had
seen the recycling equipment and that Hamilton was a viable
ongoing operation. As result of his discussions with Mejia,
Warren spent an unspecified number of hours reviewing the
Hamilton offering memorandum. Warren also asserts that he asked
his C.P.A., Jim Maki (Maki), to review the Hamilton offering
memorandum. Warren claims that Maki told him that the Hamilton
Page: Previous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 NextLast modified: May 25, 2011