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SECURITIES & EXCHANGE COM'N v. PACKER, WILBUR & CO., INC.

No. 71 Civ. 1385.

362 F.Supp. 510 (1973)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, Securities Investor Protection Corporation, Applicant, v. PACKER, WILBUR & CO., INC., et al., Defendants.

United States District Court, S. D. New York.

June 28, 1973.

Attorney(s) appearing for the Case

Gold, Farrell & Marks, New York City, for Trustee; Martin R. Gold, New York City, of counsel.

Shearman & Sterling, New York City, for Coggeshall & Hicks, Inc.

Feldesman & D'Atri, New York City, for Effrem Arenstein.

Theodore H. Focht, Washington, D. C., for Securities Investor Protection Corp., Michael E. Don, Washington, D. C., of counsel.

OPINION

COOPER, District Judge.

I. INTRODUCTION

We are asked to deny to a registered broker-dealer and to an active securities trader, each claiming financial losses resulting from a stock transaction between them, the legal right to reimbursement out of the funds administered by the Securities Investor Protection Corporation (SIPC) as provided by the Securities Investor Protection Act of 1970 (15 U. S.C. § 78aaa-78iii). The application before...

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