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Five Steps to Offshore Riches1. Phil Gurian, alleged associate of reputed mobster Philip Abramo, sets up Bahamian companies as financial conduits early in 1994. Resident agent is a prominent Bahamian lawyer, L. Obafemi Pindling. 2. In April, 1995, SC&T International sells private-issue stock to the Bahamian outfits for $1.5 million. In April and May, the companies also are sold $1 million in SC&T notes, shares, and stock warrants in a deal arranged by Sovereign. 3. Gurian is alleged to be a hidden control person of Sovereign Equity Management, SC&T's underwriter. Sovereign denies he has any role in the firm. 4. SC&T goes public in December, 1995, and the Bahamian companies--which were among the selling shareholders--cash out at a handsome profit. 5. Money from the Bahamian companies flows back into the U.S. Also cashing in are holders of SC&T debentures sold by Sovereign. They include the wife of Phil Abramo and two relatives of convicted stock swindler Thomas Quinn.
DATA: BUSINESS WEEK
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Updated June 15, 1997 by bwwebmaster
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