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SECURITIES & EXCH. COM'N v. LOS ANGELES TRUST D. & M. EXCH.

Civ. No. 261-58-TC.

186 F.Supp. 830 (1960)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. LOS ANGELES TRUST DEED & MORTGAGE EXCHANGE, Trust Deed & Mortgage Exchange, Trust Deed & Mortgage Markets, David Farrell, Oliver J. Farrell, Roy A. Bonner, Thomas Wolfe, Jr., and Stanley C. Marks, Defendants.

United States District Court S. D. California, Central Division.

Findings of Fact, Conclusions of Law and Judgment May 20, 1960.

Attorney(s) appearing for the Case

Arthur E. Pennekamp, Regional Administrator, F. E. Kennamer, Jr., Chief Enforcement Atty., San Francisco, Cal., Milford A. Maron, Los Angeles, Cal., for Securities and Exchange Commission.

Paul J. Foley, Los Angeles, Cal., for Trust Deed & Mortgage Exchange and David Farrell.

Morgan Cuthbertson, Laguna Beach, Cal., for defendants Los Angeles Trust Deed & Mortgage Exchange, Trust Deed & Mortgage Exchange Markets, Oliver J. Farrell, Roy A. Bonner, Thomas Wolfe, Jr., and Stanley C. Marks.

THURMOND CLARKE, District Judge.

In ruling in this matter, the Court wishes to alert the public to a problem of grave concern to many citizens. This trial has caused many of us to become aware of a serious situation in a very vital part of our economy—the home building industry. We have seen in great detail here the unscrupulous and entirely high-handed manner in which certain speculators mislead countless small investors, and countless other small home buyers...

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