Mr. Suriel was the sole owner of Vibo Corp. Doing business as General Tobacco, Vibo sold less expensive cigarette brands such as GT-one, Bronco and Silver. The company started selling cigarettes in 2000 and managed to make it into fifth position in the cigarette business. For more, see Mike Cottrill’s excellent story over at SBNOnline.com.
Suriel’s deficiencies relate to the timing of deductions for payments due under the Tobacco Master Settlement Agreement (MSA). Essentially Vibo Corp took deductions for payments due to the MSA without actually making the payments.
Translation: big time IRS problems for Suriel.