By Al Martin Iran Contra Whistle blower
No one has heard from Al Martin for nearly 4 years it is reported Al is dead.
I was the person who brokered this book to get it published and was to be paid 10% of all sales and never have received a dime. You will see Leonard Millman mentioned page 110 who was my ex-wife-witch’s father also known as the Denver Connection. –Stew Webb Federal Whistle blower
Secrets of an Iran-Contra Insider
by Lt. Cmdr. Al Martin (US Navy, Ret.)
Copyright 2000, Al Martin. All Rights Reserved
Table of Contents
Chapter 1 Confidential File: Alexander S. Martin……………………………………………….…3
Chapter 2 The NPO and Operation Sledgehammer……………………………………………. 14
Chapter 3 Oliver North: The Money Laundering Drug Smuggling “Patriot”……. 26
Chapter 4 “Do Nothing” Janet Reno and Iran-Contra Suppression………………..….. 42
Chapter 5 Classified Illegal Operations: Cordoba Harbor and Screw Worm ……..50
Chapter 6 The Don Austin Denver HUD Fraud Case …………………………………..….. 66
Chapter 7 Bush Family Fraud & Iran-Contra Profiteering ……………………………… 72
Chapter 8 Insider Stock Swindles for “The Cause”…………………………………………….89
Chapter 9 Corporate Fraud, Stock Fraud and Other Scams………………………………106
Chapter 10 The Tri-Lateral Investment Group – Bush Family Fraud…………………. 114
Chapter 11 Lawrence Richard Hamil: The US Government’s Con Man…………… 122
Chapter 12 US Government Narcotics Smuggling & Illicit Weapons Sales……… 136
Chapter 13 US Government Sanctioned Drug Trafficking ……………………………….. 141
Chapter 14 The Chinese Connection: US Weapons & High Tech Graft…………….. 156
Chapter 15 More Iran-Contra Stories: Both Humorous & Salient …………………… 171
Chapter 16 Chinese Money for US Weapons …………………………………………………….185
Chapter 17 US Government Narcotics Smuggling (Part 2) ……………………….… 192
Chapter 18 In Hiding Again ……………………………………………………………………………..209
Chapter 19 Corporate Fraud, Government Fraud and More Fraud……………………224
Chapter 20 The Real Story of Operation Watchtower…………………………………………234
Chapter 21 KGB & East German Activities in the US (1985-87)…………………………..240
Chapter 22 The Woman in Red (And Black)…………………………………………………………252
Chapter 23 Bush Family Corporate, Real Estate, and Bank Frauds…………………….260
Chapter 24 Iran-Contra Real Estate Fraud…………………………………………………………..277
Chapter 25 More Chinese-Military Connections…………………………………………………288
Chapter 26 ONI, CZX & Orpheus. ………………………………………………………………… 295
1. CONFIDENTIAL FILE: ALEXANDER S. MARTIN
* Born 5-19-54, Oberammergau, West Germany, Federal German Republic.
* Mixed German and American parentage.
* Returned to United States 09-Aug-1957.
* Graduated Masconoma Technical School, 16-May-1972.
* Full ROTC training then available at high school level.
* Graduated with certificates in electronics and communications equipment, as well as a
Level 05 Certificate in Russian Languages.
* Subject joined the United States Navy, 19-May-1972.
* Sent to China Lakes Naval Air Station to complete basic training and for further
training in electronics and communications.
* Subject MOS – 16-Sep-1972.
* At subject’s request, TDY’d 03-Oct-1972 Naval Communication Center, Saigon, South
* Remained in South Vietnam theater until cessation of naval and air hostilities on 27-
* On 04-Sep-1973, subject again, and on request, TDY’d Subic Bay, Pacific Theater of
Operations Naval Command Center.
* Discharged honorably United States Navy 19-May-1976.
* Immediately thereafter joined United States Naval Reserves, Active Status.
* Rremained United States Naval Reserves active status doing two tours.
* Transferred and relisted, inactive service United States Naval Reserves.
* Subject retires United States Naval Reserves 19-May-1988 at the Reserve Officers Rank
of Lt. Commander.
After my discharge from active naval duty service in 1976, I moved to Cuzco, Peru,
and set up a business with a childhood friend, George W. Carver III, son of then CIA
Deputy Director, George W. Carver Jr.
The business dealt in alpaca, llama, and vicuna, but was actually a cover, as a “G” for
the State Department.
My assignment at the time was to gather intelligence on Russian military operations
At the time, Peru was officially pro-Moscow. It was armed by Moscow and had
about 4,000 Russian army advisors in the country.
I remained in the country until September 9, 1977, the coup of Gen. Hector Bermudez
and the installation of civilian President, Fernando Terry. At that time I returned to the
United States, initially settling in Miami.
While in Peru, I became acquainted with numerous CIA field agents and support
personnel, then being run out of CIA’s Lima station. These included Deputy CIA
Station Chief Eugene S. Barlow, more commonly referred to as “Buzz” Barlow, whose
claim to fame had been that he had secretly recruited Vladimiro Montesinos, a
Peruvian army officer, who then in turn developed an intelligence network that
informed on Russian Army and Soviet KGB movements within Peru.
An interesting footnote to this is that eight years later, Montesinos would become a
double agent working for the KGB. He was being run by then Assistant Deputy KGB
Director, Major Yuri Shvets, whose cover was Commercial Trade Attache for the Soviet
Embassy in Washington.
Barlow would play an important role in Iran-Contra, particularly in the post 1983
environment and would finally finish up his career as a senior FBI agent at the Tulsa
Subpoenaed before Congress in 1987, Barlow either refused to answer, or answered “I
don’t know” 117 times when asked about his Iran-Contra role.
In 1978, I met Lawrence Richard Hamil, a Department of Defense shadow player, a
hanger-on as many are, who wait for profitable covert operations.
His father was the well-known Harry J. Hamil, former senior Defense Department
policy analyst of their southern desk before his death of natural causes in 1984.
Hamil and I and others including Frank Snepp, Jack Terrell, Harry Aderholt, Landon
Thorme, Duke Rome, and a host of other players in the shadows of Washington,
became involved in a scheme in 1979 to traffic in American Express credit cards in
Argentina on behalf of the American Express Corporation.
At that time, the United States had placed a short-lived financial embargo on the
country of Argentina in an attempt to pressure the military junta there.
I received twenty dollars for every American Express Card delivered to waiting
customers in Argentina.
You may remember that the scandal was broken by The Washington Post in 1980.
They showed that there was extensive CIA involvement in the operation and that, in
fact, the CIA had actively cooperated with other United States’ financial institutions to
evade the financial embargo placed on Argentina at that time.
Through 1980, I also became involved with Mr. Hamil and others in illicit
transactions to evade the Dominican sugar blockade then extant at that time.
In the late 1970s, I became involved with Lt. Col. Jack Terrell, Brig. Gen. Harry
Aderholt, Lt. Col. Landon Thorme, Lt. Col. Duke Rome.
All would become major Iran-Contra participants three or four years later.
Landon Thorme, for instance, was very close to Jeb Bush.
He acted as a corporate strawman for Jeb Bush in a lot of Bahamian shell corporations
formed around Bush’s principal artifice called IMC (International Medical Corporation)
then directed by the infamous Miguel Recarey, who fled the country in 1985.
In 1984, at the request of Lawrence Richard Hamil, I formed several corporations in
Florida, chiefly among them, Southeast Resources, Inc.
I also established offices in Miami, ostensibly to act as a primary marketer for Hamil’s
series of corporate shells, collectively known as the Gulf Coast Investment Group.
The shells were formed primarily to legitimize the flow of funds between wealthy
individuals and right-wing Republican investors who wished to support Iran-Contra.
Oliver North called it “The Cause. Secord called it “The Enterprise” and by June 1984,
it was just starting to get off the ground.
Obviously it was not legal for these individuals to contribute money to an illicit and
illegal covert operation of state.
Therefore they needed a legitimizing factor which is what Hamil and I provided.
In July 1984, I had a meeting with Richard Secord and Larry Hamil in Miami. There I
was extensively briefed about Iran-Contra operations and was allowed to review
voluminous CIA white papers concerning Operation Black Eagle drafted in 1983.
Very quickly I understood that Iran-Contra (or the euphemism “Iran-Contra”) was a
ruse to ostensibly arm an envisioned 50,000 man guerrilla or “contra” army in
Nicaragua which would act as a bulkwark against the increasingly powerful Sandinista
The Sandinistas by that time had built up an army of 120,000 men and were being
extensively equipped by the Soviets.
From mid-1984 through the end of 1985, Gulf Coast Investment Group’s operations
and its subsidiaries were rapidly expanded to include not only the marketing of
fraudulent limited partnerships, real estate limited partnerships, oil and gas, etc., but
also to include money laundering, securities fraud, bank fraud, insurance fraud, and
the laundering of proceeds from State-sanctioned narcotics operations.
Since I began to understand the increasing risk of staying in business with Mr. Hamil,
he and I parted ways on February 10, 1985.
Hamil was becoming increasingly a risk at that time. He was conducting operations
that he was never authorized to do, and there became a point when, very simply put,
the Agency would not cover for him any more.
Consequently on May 5, 1985, with my help, Miami Field Office FBI Special Agent
Ross Gaffney took Mr. Hamil into custody at the Bahia Mar Marina in Ft. Lauderdale,
My first direct knowledge of CIA-sponsored narcotics trafficking came during a
March 3, 1985 policy and planning meeting at the FDN, the Nicaraguan Government In
Exile, then located in Miami. It was headed by President Adolfo Calero and financed
by the CIA.
At this meeting, Oliver North, Fred Ikley, Nestor Sanchez and others laid out North’s
plan to increase narcotics operations by establishing new narcotics trafficking out of
Honduras, which would then flow through Swan Island, an island off the coast of
Honduras (controlled by the US Defense Intelligence Agency) and then would inflow
to Cap Haitién, Haiti, and from there into the United States, principally through the
port of New Orleans.
At that time, I saw entire schematics for operation and was advised that Francois
Duvalier and Washington lobbyist Ronald H. Brown (later Commerce Secretary Brown)
had helped Col. North meet with Duvalier and discuss the arrangements.
When these arrangements were completed by April 1983, I was informed, when in
FDN policy and planning session, that Col. Jean Paul, then commanding officer of the
Dessiline Battalion of the Haitian army, would be the new contact man for narcotics
operations in Haiti.
Later on, the largest quantity of cocaine trafficked were through these sea-borne
The Director of Security for those operations out of Swan Island was none other than
Deputy Defense Intelligence Agency Director for Carribean, Central, and South
American Theater Operations — Frederick C. Ikley.
It was estimated by the Hughes Commission in 1988 that in a two year period about
50 tons of cocaine moved through this channel.
Unfortunately for Col. North, by 1986, Colonel Jean Paul of the Haitian army (now
Gen. Jean Paul) wanted an increased share of the revenue compared with what he was
originally being paid — $50,000 per ship that he cleared from the port.
In 1986, Jean Paul began to secretly contact certain leading liberals in Congress,
principally Ron Dellums. He began leaking information to Mr. Dellums, information
which later wound up in Sen. Kerry’s hands.
Three days before he was to be subpoenaed in 1987, Gen. Jean Paul was poisoned to
death with a bowl of pumpkin soup.
It was fed to him by none other than his mistress, Lucille, who later became the wife
of Lt. Gen. Prosper Avríl, Haitian Army Chief of Staff.
In 1987 during the Kerry Commission hearings, when there were demands by the
Senate Foreign Relations Committee, chaired by Christopher Dodd, to investigate the
murder of Jean Paul, within three days of the call for said investigations, Lucille Avríl
Then Robert Bennett, brother of Michelle Bennett, wife of Jean-Claude Duvalier,
attempted to sell information to congressional investigators. Just as quickly he was
found dead in a fire in one of his warehouses in Port-Au-Prince, Haiti.
To conclude on the topic of CIA narcotic distribution through Haiti — the one
individual I’ve left today in a position to talk is Maj. Michel François, former
commanding officer Haitian police department of Port-Au-Prince.
As you may know, Maj. François was indicted in 1989 for narcotics trafficking, and
was arrested recently in Honduras.
He is quietly being held there on an extended basis prior to extradition to the United
The United States requested his extradition from Honduras through the Department
of Justice extradition section.
At the same time the US State Department, at the insistence of the CIA, has pressured
the Honduran government not to extradite Maj. François.
The likely conclusion to this affair will be that Maj. François will be quietly liquidated
prior to ever being extradited to the United States.
Throughout the remainder of 1985, my operations continued — this time under the
direct authority of Maj. Gen. Richard Vernon Secord.
My relationship with Gen. Secord began to deteriorate in the summer of 1985 due to
my increasing nervousness about my exposure and operations should they ever be
Jeb Bush Frauds and Scams
Chapter 9 Corporate Fraud, Stock Fraud and Other Scams………………………………106
I do want to mention an important weapons and narcotics channel, so you can clearly
see the involvement of the Israelis in Iran-Contra, which I think has been much
People talk about Israeli involvement in Iraqgate, but there was substantial
involvement, not only through Michael Harari, but others and even the influence of the
great Rafi Eitan, himself, during Iran-Contra and how this related to the liquidation of
Amir Nir and others.
It’s important to show the relationships and to show that a lot of people died to cover
this thing up and to cover up the knowledge of this relationship.
Essentially it was to cover up Michael Harari’s activities.
I’m also going to reveal for the first time much more extensive knowledge than what
people have commonly presumed about Amiram Nir, in terms of that July 29, 1986
meeting at the King David Hotel in Jerusalem, which George Bush attended and how
that sealed Nir’s fate.
Also to be discussed will be how Nir’s wife, who is an American, was treated by
Israeli intelligence after Nir’s death.
9. Corporate Fraud, Stock Fraud and Other Scams
So far, we have attempted to illustrate Iran-Contra vis-a-vis the breakdown of three
specific areas — namely, narcotics, weapons and fraud. Returning to fraud, we will
examine individual transactions and individual companies, as they related to the
overall pattern, an organized pattern, of State-sponsored fraud under the guise of what
is now known as Iran-Contra.
The first deal I would like to speak about is the infamous Trinity Oil and Gas
Corporation, founded in 1984 by the infamous Barry Seal, Lawrence Richard Hamil
and Larry Nichols.
Trinity Oil and Gas was designed to be a fraud similar to all other oil and gas frauds
at that time.
Not unlike Jeb Bush’s Gulf Oil Drilling Supply Company.
Not unlike Larry Hamil’s Gulf Coast Investment Group and LRH Associates, etc.
We will examine what these frauds had in common, how these frauds related to each
other, and ultimately where the money went.
Trinity Oil and Gas was perhaps a little different. Its purpose was perhaps a little
different. It was not only designed simply to be a fraud, but also as a vehicle to
launder Barry Seal’s money — money that Barry Seal was earning from his narcotics
Barry Seal, of course, has been extensively discussed in public before, but usually
only in the context of narcotics. His involvement corporately, or in fraud, is really an
Anyway, Trinity Oil and Gas — to get its base of operations, similar to Gulf Coast
Investment Group — purchased a bunch of old, beat out, one-barrel-a-day pumpers,
These were principally in the sand tar pits outside of Bartlesville, Oklahoma.
Most of the assets that Trinity Oil and Gas started with to construct the fraud were
assets that it had purchased from the old Sterling Oil of Oklahoma and the old Lyric
Energy of Oklahoma, both which had been publicly traded companies on the NASDAQ
prior to this time and had unfortunately busted out with the decline in oil prices in the
Again, the scheme was similar.
You take the one or two-barrel-a-day, fifty-year-old pumpers that are given a shot of
acid every three months, and you make it appear that they’re pumping four hundred to
eight hundred barrels a day.
Of course, how you make that appear is by your runs and logs. In this case, Hamil,
once again, turned to Hess Oil, a division of Marathon Oil, then owned by Armand
We have discussed before how Armand Hammer allowed certain divisions — oil and
gas divisions, suppliers, distributors — that he owned to be used to commit fraud.
I guess, you could say this was his contribution to Iran-Contra and to Republican
Anyway, as they had done with Gulf Coast Investment Group and with Gulf Oil and
Drilling Supply Company, Hess had given false runs and logs, making it appear that in
fact Trinity Oil was pumping five hundred times the oil that it was actually pumping.
And one would say, “Where are the cash deposits? Where is the cash flowing
through Trinity Oil and Gas accounts to match this supposed oil production?”
Of course, where it was coming from initially was Barry Seal.
Barry Seal was simply using this as a device to launder money.
After July-August 1984, Trinity Oil and Gas, under the auspices of Larry Hamil,
became something larger, a newer entity, and an entity to actually defraud people.
As we have said before, we’re using the term “defraud” loosely.
Actually people invested in Trinity Oil and Gas Limited Partnerships, who wanted to
contribute to “The Cause” as Oliver North referred to Iran-Contra.
But obviously a private citizen could not simply contribute to an illegal activity of
government, ergo another artifice steps in, namely Trinity Oil and Gas.
Monies are siphoned off accordingly. It was very similar to the way monies were
siphoned out of Gulf Coast Investment Group and Gulf Coast Oil and Drilling Supply.
You would notice that all three of these companies tended to use either Hess or
Marathon as their pickup agents in the field.
They also tended to use the infamous Orca Supply Company of Coral Gables, Florida,
supposedly to purchase oil well equipment.
Orca Supply Company was a CIA cut-out that had been dormant. It was picked up
again and was run through the Iran-Contra period by the infamous Lt. Col. Jack Terrell,
aka “El Flaco.”
What was different about Trinity Oil is that it is one of the very few Iran-Contra deals
one can point to wherein money was siphoned off in both directions, politically
Not only did money go to Republicans, but it also went to Democrats in the State of
Trinity Oil and Gas is an excellent example to illustrate how important the State of
Arkansas was (and the Democratic substructure in Arkansas was) to overall Iran-
For instance, Trinity Oil and Gas was legally formed and its general counsels were
the Little Rock Law Firm of Rose and Hubbel. As a matter of fact, it was one of Web
Hubbel’s own accounts wherein he was counsel.
You will see that others within the Board of Directors of Trinity Oil are Dan Lasater
and Raymond “Buddy” Young. Invoices, by the way, would be faked to make it appear
that Trinity Oil and Gas was actually purchasing materials from the infamous Brodex
Manufacturing and Global Associates.
Certainly, we remember these artifices from the past. Freddie Lee Hampton, Calvin
Edwards, George Rebb — all of the Mena players.
Also, what should be mentioned — and I think it’s very unique to Trinity Oil and Gas
was its relationship with Seth Ward of Ward Manufacturing.
Same old scheme. Faked invoices for materials that were supposedly purchased, that
were in fact never manufactured or delivered.
Brodex Manufacturing, Global Associates, Ward Manufacturing and so forth were
receiving $20,000 – $40,000 a month. That type of thing. It was essentially money being
bled out of Trinity Oil and Gas.
Of course, records subsequently revealed that Trinity Oil and Gas was making
substantial contributions to GOPAC, as well as individual Republicans. It had also had
contributions to the Democratic State Party Committee in Arkansas.
Regarding Trinity Oil and Gas, there was Jeb Bush’s involvement with it vis-a-vis his
own oil and gas fraud, the Gulf Oil Drilling Supply Company.
Trinity Oil and Gas purchased Argentine and Brazilian oil and gas leases for about
$30,000 or $40,000 per lease from Gulf Oil Drilling Supply.
Of course, these leases were effectively worthless.
Gulf Oil Drilling Supply obtained these leases originally from Zapata. They bought
these leases for a dollar each from Bush-controlled Zapata Oil, which had held these
leases for some time. But they were tantamount to worthless.
Suddenly these leases are effectively given from father to son and they wind up in
the hands of the Jeb Bush-controlled Gulf Oil Drilling Supply Company.
Gulf Oil Drilling Supply Company hypothecated these leases, borrowed money from
these leases with numerous Iran-Contra friendly banks in the Miami area, principally
Later they would default on these loans, and when Brazilian authorities got word that
these leased areas were being used for fraudulent purposes in the United States,
Brazilian authorities mounted an investigation.
It was a half-assed investigation, but it was enough for Jeb Bush to disgorge. He
didn’t want anything more to do with these leases, so consequently he sold them to
Trinity Oil and Gas, which again made the same claims that Gulf Oil Drilling Supply
Company had previously made. They said that these leases were, of course, fabulously
valuable, when in fact, they were tantamount to worthless.
To further illustrate the Arkansas connection to Trinity Oil and Gas, it should be
noted that the general counsels with the law firm of Rose and Hubbel — their bank was
another infamous Arkansas Iran-Contra bank — the Twin Cities Bank of North Little
The officer there, later a Director of the bank who handled the account was the
infamous Jonathan Flake. Flake was the one who helped Seal and Hamil put together
limited partnerships and syndications, while the bank provided bridge loans.
Also, in general partnerships of oil production, proved up production (which they
didn’t have, but they simply made it appear that they had), interests were sold by, of all
people, Dan Lasater.
Flake, by the way, was an officer and Director of Twin Cities Bank of North Little
Rock — a key figure in Iran-Contra fraud in Arkansas.
Flake was involved in numerous oil and gas scams and bogus real estate limited
partnerships that the bank also marketed and/or financed. He was also involved with
numerous U.S. congressmen.
In all of these bogus oil and gas deals or bogus real estate deals that Congressman
Alexander, Congressman Solarz, Congressman Dellums and others got hurt, the
common factor is Twin Cities Bank of North Little Rock Arkansas and its senior loan
officer and later Director, Jonathan Flake.
A precise example of Flake’s involvement would be that Twin Cities Bank of North
Little Rock was both was a submarketer through its securities division as well as a
financier in terms of holding non-recourse and fully recourse paper on bogus limited
However, Flake was directly involved in the marketing and subsequently financing
of the fraudulent real estate investment trust known as the Boulder Property Limited
Series of Partnerships.
It was through these partnerships that Congressman Alexander lost about $3 million.
Now Alexander didn’t actually lose the $3 million. He didn’t have it to lose. But he was
forced to default on the debt and forced to declare personal bankruptcy because of it.
Later we will agains touch on Twin Cities Bank of North Little Rock, Arkansas, and
see how that bank is a key element in the so-called Denver Daisy Chain.
Through this bank, it will be possible to see that Neil Bush was a substantially larger
Iran-Contra fraud and Iran-Contra profiteering player than the public has been led to
believe because there is a direct connection between Silverado and the Twin Cities
Bank of North Little Rock.
That connection exists through Phil Winn of the Winn Group in Denver and his
partners Leonard Millman and Steve Mizel, as well as Millman’s company, MDC
Holdings, a publicly listed company and its then brokerage subsidiary, the National
Boulder Properties Blackmail of Congress and Senate
These are all infamous Iran-Contra artifices, but we are going to explore in the Denver
Daisy Chain and make the connection between the Denver frauds and how that filters
through Arkansas. This is an area which has not been extensively researched in the
Junk Bond Daisy Chain Frauds The Denver Illuminati Zionist Connection
Inside the Bush Crime Family PT-2
Inside the Bush Crime Family PT-1
Who is America’s Moriarity? The Illuminati Zionist Denver Connection
FRAUDS ARE US AT MDC-NYSE
From Cradle to Cabal The Secret Life of Gale Norton
Illuminati Drug Smugglers Indicted by Costa Rica Government
BCCI Bank of Credit and Commerce International Frauds Timeline
AIPAC Operated Congressional Child Sex Blackmail Ring
Whistle blowers by Sarah McClendon 1991
Stew Webb Saving and Loan whistle blower faces federal charges
Stew Webb Official SEC Whistleblower Complaint Mortgage Backed Securities Fraud
Kerre Millman Denver’s Illuminati Princess Manipulator Liar Attempted Murderer
Stew Webb Federal Whistle blower Grand Jury Demand against Hillary Clinton and Jeb Bush
Henry Solano Former US Attorney Obstructs Justice Jeb Bush
Moving on to the infamous Gulf Oil Drilling Supply Company — this was Jeb Bush’s
favorite oil and gas fraudulent artifice. Many of these Iran-Contra frauds would
borrow names from large existing well-known corporations, such as “Gulf.”
You will see in virtually every oil and gas fraud in Iran-Contra the word “Gulf” is
However, it is commonly and correctly presumed that the word “Gulf,” as in Gulf
Coast Investment Group and its subsidiaries refers to the southeastern United States
region, meaning “Gulf,” which is the common presumption.
In the case of Gulf Oil Drilling Supply — Jeb Bush’s deal — that referred to the Arabian
Gulf. This is not commonly known publicly. But it really should be.
It’s rather obvious when one looks where Gulf Oil Drilling Supply Company
supposedly did business.
Its principal foreign office was in Bahrain, which was headed by, of course, Richard
Gulf Oil Drilling Supply of Miami, New York and Bahrain was, I believe, a more
sizeable fraud than has been publicly thought in the past.
When one adds up total losses taken by banks and security houses, it is in the $300 or
$400 million range, so it is what I would consider to be a medium to larger size fraud.
The fraud was rather simple.
Richard Secord arranged through then Vice President George Bush Sr.’s old friend,
Ghaith Pharaon, the then retired head of Saudi intelligence, for Gulf Oil and Drilling to
purchase from the Saudi government oil and gas leases in the Gulf which were
As you know, most Gulf Oil production is onshore and not offshore.
The reason is that it is very expensive to extract offshore.
And, of course, these leases would be dummied up, then prettied up to make them
look like they were just worth a goddamn fortune.
The leases again would be hypothecated or borrowed against in some other fashion,
again, through Intercontinental Bank, Great American Bank and Trust of West Palm
Beach which subsequently failed under the weight of unpaid Iran-Contra loans.
Marvin Warner, of course, was the chairman of that bank. Also, in the case of Gulf
Oil Drilling Supply, there was some moderately large international lending to that
As you would suspect, it was principally out of the old George Bush friendly banks —
Credit Lyonnais and Banque Paribas, which, combined lent $60 million dollars to Gulf
Oil Drilling Supply, which, of course was defaulted on later.
It has always been my personal opinion that the reason the Kerry Committee, the
Hughes Committee, the Alexander Committee, and other Iran-Contra investigating
committees on the Hill as well as some people in the media shied away from Gulf Oil
Drilling Supply — and why there is so little known about it publicly — is because it
directly relates to the great conundrum.
The minute it is seen that Gulf Oil Drilling Supply had relationships with Credit
Lyonnais, Banque Paribas and others — that puts it in a whole different much higher
The old George Bush connections of deep old fraud is something that everyone in the
media and on the Hill is frightened of because — if you started with Gulf Oil Drilling
Supply and investigated it to its logical conclusion, you get into that whole bigger
picture where there is multi-billion dollar fraud — something no one really wants to
And Gulf Oil Drilling Supply is very difficult to segregate, to look at it as one
individual company, or one individual fraud, or a series of frauds because it’s really
much more than that — and it taps into a much larger pre-existing fraud.
However, I would certainly recommend that it be pursued, since I have substantial
information about Gulf Oil Drilling Supply (I did business with them and with the
Orca Supply Company).
In some cases, I repackaged the worthless leases into other partnership deals. But I
do have substantial information about it.
There is a lot more information available about Gulf Oil Drilling Supply than is
commonly presumed, because when Iran-Contra unraveled the day after Thanksgiving
1986, there was a big effort to classify documents concerning Gulf Oil Drilling Supply.
There wasn’t any effort made to hide them under correct analysis that no one would
want to get into the deal and really pick it apart for fear of that big bugaboo — for fear
of getting into the bigger picture of the deep old frauds.
It should also be noted that Gulf Oil Drilling Supply also retained banking
relationships with the Bank of Greece, Union Bank of Switzerland, and Jarlska Bank of
One need only look to see who was on the Board of Advisers of Gulf Oil Drilling
Supply to see what the fraud was all about — essentially the old cast of characters.
Ghaith Pharaon was on the Board of Advisers.
Andre Papandreou, the former Prime Minister of Greece was on the Board of
Marcel Dessault, Jr., the old man’s son, was on the Board of Advisers.
And, of course, we see these names again, again and again in Iran-Contra frauds as
you saw these names ten and twenty years earlier in other type of Bush-orchestrated
To get back to Trinity Oil and Gas — I wanted to mention something that’s been
completely overlooked. Trinity Oil and Gas was a publicly listed company for a short
period of time on the pink sheets.
It was a deal that was done in part through Meyer Blinder (Blinder Robinson
Securities in Denver) as well as Atlantic Securities, Balfour McClain Securities, Singer
All of these companies had the same ownership through the National Brokerage
Group of Denver.
Trinity Oil and Gas was backed into a shell which was then pumped up. The stock
traded as high as a dollar before the deal collapsed.
But returning to Trinity Oil and Gas — a good example of what I would list as a passthrough
fraud, that is, a nuts to bolts fraud.
The company is started as a fraud to legitimize flow of funds from Iran-Contra
sympathizers to the hands of Oliver North and Richard Secord and others. Then it
would pass into the hands of the political parties and the various members of the Bush
family who had financial interest in Trinity Oil and Gas vis-a-vis the connection
between Trinity and their own corporations.
What I mean by “pass-through” is not only was the oil-and-gas part of it a fraud (to
defraud banks and securities firms), but you then back it into a public shell — start it
out at three or four cents a share and pump it up to a dollar.
That is simply another way to exploit the fraud.
We have taken an oil and gas fraud, moved it into a banking fraud, then into a
securities fraud. It’s called squeezing every last penny of fraud out of the initial fraud,
which is not directed towards anything else.
In the Florida connections (during 1983 to 1986) I was friendly with Charlie Harper,
then SEC Commissioner from Miami.
I used to see Charlie. Charlie used to go to a lot of Republican functions. Charlie was
also a team player, and when I mentioned the Trinity Oil and Gas, and Gulf Oil
Drilling Supply, Charlie said that those were on his “red flag” list — personally
provided to him from his superiors in Washington. These were deals that he was not to
look at or investigate.
Subsequently, in my 1987 testimony before the Kerry Committee, I had mentioned
this to Jeff Goldberg, then Counsel for John Kerry’s office, and they approached Harper.
Harper immediately denied that such a list existed, and three weeks later, of course,
Charlie was promoted to Regional SEC Commissioner in Atlanta.
Of course, at this time, Mr. Harper was also unable to explain where the money had
come from for him to purchase a $350,000 vacation home in the out islands, and where
the money had come from for his sailboat and his Cessna 210 airplane.
He had always claimed that he was an honest public servant, living on his salary of $
68,932 a year.
It should further be noted that when the Kerry Committee attempted to ask then-
Florida State Controller, Gerald Lewis (the cousin, by the way, of the infamous Marvin
Warner) and later subpoena him as to why he had not investigated certain security
transactions and businesses ongoing in Florida such as the Gulf Coast Investment
Group, Trinity Oil and Gas, and the Gulf Oil Drilling Supply Company, the comptroller
promptly resigned his position and elected to take an extended vacation in his luxury
Caribbean home, which he purchased for the equivalent of ten years his public salary.
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