Fairbanks Capital Follow the Basmajian Links to corruption Hatboro Pennsylvania

Perhaps the ultimate result will be a pair of concrete overshoes for all individuals involved and a free one-way trip to the bottom of a very deep lake!

The truly amazing thing is that this company has operated with impunity for so long in this country. It has harmed so many people, ruined their lives and their credit. I hope that all folks harmed by this company will get help, at least in getting their credit reports cleansed of the false info provided by Fairbanks. It won't undo the harm done to them, but at least it won't continue to ruin their chances of having a home again someday.

Over the past month, WBAL Channel 11 in Baltimore, Md has been conducting an investigation into Fairbanks Capital. Their exhaustive research reveals a link to the past and a huge fedeal case that nabbed one of the biggest swindlers of all time.

In the National Archives, there is buried six boxes of a federal case. That case centers on John Peter Galanis, a notorious white collar criminal who made headlines in the late '80's when his organization was put on trial for bilking hundreds of millions of dollars from investors and the U.S. Government in tax shelter schemes.

Although Basmajian was not charged in the Galanis case, the documents and over 9000 pages of court testimony reveal Basmajian's connection. It starts with a company called Churchill Oil and Gas, formed in 1981 by Doug Adams and Thomas Basmajian.

According to Adams' testimony in court: "(he) and Basmajian formed Churchill in 1981 - specifically to work with .... John Galanis in the Transpac drilling ventures".

Transpac was the name of the tax shelters that the government later declared a total sham. Court testimony reveals Basmajian was at the table with Galanis with the Transpac deals were launched in Greenwich.

Testimony also reveals Basmajian was an apparent insider in the deals - close enough to the inner circle that he was able to get a piece of the tax shelters pie without having to pay. In 1983 Basmajian was involved in starting a new company - Churchill Investment Corporation.

It was a licensed securities dealer. According to testimony in court, it was intended to make the tax shelter program more attractive to investors. Galanis himself testified: "I spoke to Tom Basmajian in the early fall of 1983. That Churchill could -- as a broker dealer -- help facilitate the Transpac program in being able to offer this particular feature to investors."

A lawyer for Galanis - who testified against him as part of a plea bargin in the federal case - told 11 News that Churchill Investment was formed to sell Galanis' deals. Doug Adams - Basmajian's partners says he was involved in Churchill Investment but got out by the end of 1984. The reason: he says Galanis wanted him to get involved in another venture and Churchill Investment had drawn the interest of the SEC.

In September 1987, Galanis and seven of his associates were indicted by a federal grand jury in New York. By that time Galanis' schemes were linked to the failure of several banks and the raiding of a mutual fund.

A federal prosecuter gave the following description: "this is an organization who's M.O. was fraud, whose very activities were corrupt, whose appetite for money was voracious, whenever more money was needed, more victims were sought." Untouched by the prosecution of Galanis and Adams, Basmajian himself went on to form Fairbanks Capital Corporation a year later.

How did Basmajian escape prosecution? Easy - he hid behind the corporate veil. It seems "Churchill" (i.e. Basmajian) owned 90% of Churchill Gas, and Adams 10% of same, however, Adams signed the corporate tax returns - enough said.

Now, flash forward to the present and check the whereabouts and business dealings of John Galanis since 1989. Check into the business dealings of his son Jason, and John Panther, and their companies, including The Credit Store, and the relationship with BestBank, and Cargill and the investigation that revealed that John Galanis was running these businesses from his jail cell, and look into Inc ubator Capital, and then add on the fact that Mr. John Galanis disappeared from New York City while on prison release. Then connect the dots. All of this information and much more is available on the web.

DISCLAIMER - This information is not supplied to suggest that Mr. Basmajian has connections to illegal drug manufacturing. This information is supplied only to reveal the fact that Mr. Basmajian has in the past had contacts with Organized Crime and people who deal in drug manufacturing, marketing and traffic.

Robin,

I am not the original author that posted the article regarding Fairbanks ties with the drug bust, but I can answer your question.

As the HUD, FTC, and the WBAL- Channel 11, investigates Fairbanks Capital, they are uncovering more then they expected. Please go to the HOMEPAGE of Rip-offReport.com and view the article on Fairbanks, under "Top Rip-offs". You will see that the CEO of Fairbanks Capital, Thomas Basmajian had ties with the notorious white collar criminal John Peter Galanis in the 1980's.

It seems to be clear that Basmajian was an active participant in the Galanis fraudulant business ventures, Galanis STOLE over $400 million dollars from banks, shareholders, and the U.S. Government. Galanis was sentenced to 27 yrs in prison, (one of the toughest white collar criminal sentences ever in the country). This money was never found. Basmajian founded Fairbanks Capital just a year after Galanis was sent to prision. Many people believe that John Galanis continued to "run things" even from prison, with the help of his son Jason on the outside.

In the article posted above, you will see that Galanis was named in this extacy bust. It may be the opinion of many that Basmajian still today has ties with the Galanis family, and has ALWAYS had ties with them, even during John Peters days of incarceration. This could very well be true, and could link Fairbanks Capital's CEO to mob/drug activity.

The investigation into Fairbanks Capital has already uncovered astonishing facts, that even most victims couldn't imagine. Hold on to your hats, this is just the beginning.

Okay, I'll bite. Make it just a bit clearer on how the Mob ties in with Fairbanks Capital, as well as the drug trafficking.