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NIELSEN v. PROFESSIONAL FINANCIAL MANAGEMENT, LTD.

Civ. Nos. 4-85-1600, 4-85-1642, 4-85-1643, 4-86-570, 4-86-752, 4-86-571 and 4-86-672.

682 F.Supp. 429 (1987)

W. Kent NIELSEN and Patricia Nielsen, et al., v. PROFESSIONAL FINANCIAL MANAGEMENT, LTD., et al. Franklin J. BURNS, v. PROFESSIONAL FINANCIAL MANAGEMENT, LTD., et al. Franklin J. BURNS and Marian R. Burns, v. PROFESSIONAL FINANCIAL MANAGEMENT, LTD., et al. Paul A. BENSON, et al., v. PROFESSIONAL FINANCIAL MANAGEMENT, LTD., et al. Charles W. BETZ, et al., v. PROFESSIONAL FINANCIAL MANAGEMENT, LTD., et al.

United States District Court, D. Minnesota, Fourth Division.

April 15, 1987.

Attorney(s) appearing for the Case

Richard I. Diamond, and Jeff Ross, Estes Parsinen & Levy, Minneapolis, Minn., for plaintiffs W. Kent and Patricia Nielsen, et al., Franklin J. Burns, and Franklin J. and Marian R. Burns.

William P. Luther, Luther, Ballenthin & Carruthers, and Alonzo B. Seran, Olson, Gunn & Seran, Minneapolis, Minn., for plaintiffs Paul A. Benson, et al., and Charles W. Betz, et al.

Thomas J. Shroyer, and Mitchell H. Cox, Moss & Barnett, Minneapolis, Minn., for defendants Professional Financial Management, Ltd., J. Kmetz & Associates, Joseph Louis Kmetz, and James Erwin Kmetz.

Donald F. Hunter, Gislason, Dosland, Hunter & Malecki, Minneapolis, Minn., for defendants Olstead & Associates, Inc., and Arthur Walter Olstead.

Frank A. Dvorak, Mackall, Crounse & Moore, Minneapolis, Minn., for defendants Preeshl, Helstad, Shoup & Co., Robert C. Shoup, Michael J. Bruder, Mary K. Glubka, and Earl Engelson.

David F. Herr, and Charles A. Hoffman, Maslon Edelman Borman & Brand, Minneapolis, Minn., for defendants Alfred Sannerud and A.M. Sannerud & Associates, Inc.1

MEMORANDUM OPINION AND ORDER

DIANA E. MURPHY, District Judge.

Plaintiffs brought these seven actions alleging that defendants fraudulently organized and promoted certain tax shelters. The complaint in each action asserts 18 causes of action, relying on the Securities Act of 1933, 15 U.S.C. § 77a et seq.; the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq.; the Investment Advisers Act of 1940, 15 U.S.C. § 80b-1 et seq.; the Racketeer...

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