CORSON v. FIRST JERSEY SECURITIES, INC.

Civ. A. No. 80-720.

537 F.Supp. 1263 (1982)

Carl C. CORSON and Sally A. Corson, his wife, Plaintiffs, v. FIRST JERSEY SECURITIES, INC., Robert E. Brennan, Jack Mondel and Jay M. Ingalls, jointly, severally and in the alternative, Defendants.

United States District Court, D. New Jersey.

May 10, 1982.


Attorney(s) appearing for the Case

Andrew E. Weiner, Haddonfield, N. J., Judah I. Labovitz, Cohen, Shapiro, Polisher, Shiekman & Cohen, Philadelphia, Pa., for plaintiffs.

Ronald J. Riccio, Robinson, Wayne, Greenberg, Levin, Riccio and LaSala, Newark, N. J., for defendants.


OPINION

GERRY, District Judge.

This is an action for damages under the securities laws—§ 10(b) and common law fraud. Plaintiffs allege that defendants were involved in a distribution of certain securities. Defendants purchased the securities for its own account and then sold them to plaintiffs at inflated prices. In addition, defendants represented to plaintiffs that the securities were "hot" issues. Defendants told plaintiffs that they were...

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