For a time, young Edward Markowitz of Washington, D.C., seemed to have everything going for him. While still in his early 30s, he became a successful promoter of tax shelters and earned enough to buy a Rolls-Royce, several racehorses, a $500,000 home overlooking Washington's Rock Creek Park and a 2.5% stake in the Washington Capitals ice-hockey team. Among the investors who flocked to his deals were a host of celebrities, including Filmmaker Woody Allen, Comic Bill Murray, Actors Christopher Walken and Frank Langella, TV Personality Dick Cavett and Author Erica Jong.
But Markowitz, now 35, publicly admitted last week that the...
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