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STATE v. KOBRIN SECURITIES, INC.

111 N.J. 307 (1988)

544 A.2d 833

THE STATE OF NEW JERSEY AND JAMES MCLELLAND SMITH, CHIEF, NEW JERSEY BUREAU OF SECURITIES, PLAINTIFFS-APPELLANTS, v. KOBRIN SECURITIES, INC., A CORPORATION ORGANIZED UNDER THE LAWS OF THE STATE OF NEW JERSEY, ROBERT T. FITZSIMMONS, INDIVIDUALLY AND AS AGENT OF KOBRIN SECURITIES, INC.; LAWRENCE S. REPACE, INDIVIDUALLY AS AGENT FOR KOBRIN SECURITIES, INC.; AND LEONARD BERMAN, INDIVIDUALLY AND AS COMPLIANCE OFFICER AND FINANCIAL PRINCIPAL OF KOBRIN SECURITIES, INC.; DEFENDANTS, AND BARRETT R. KOBRIN, INDIVIDUALLY AND AS PRESIDENT, DIRECTOR, AND CHIEF EXECUTIVE OFFICER OF KOBRIN SECURITIES, INC.; RICHARD L. KOBRIN, INDIVIDUALLY AND AS SECRETARY OF KOBRIN SECURITIES, INC.; WARREN SANDY, INDIVIDUALLY AND AS CHIEF FINANCIAL OFFICER OF KOBRIN SECURITIES, INC.; ARMAND DEANGELIS, INDIVIDUALLY AND AS VICE PRESIDENT AND AGENT OF KOBRIN SECURITIES, INC.; ARDEN BROWN, INDIVIDUALLY AND AS VICE PRESIDENT, SECRETARY AND SHAREHOLDER OF KOBRIN SECURITIES, INC.; AND PETER CALCUTTA, INDIVIDUALLY AND AS AGENT OF KOBRIN SECURITIES, INC., DEFENDANTS-RESPONDENTS.

The Supreme Court of New Jersey.

Decided August 4, 1988.

Attorney(s) appearing for the Case

Andrea M. Silkowitz, Assistant Attorney General, argued the cause for appellant (Cary Edwards, Attorney General of New Jersey, attorney; Nancy Costello Miller, Deputy Attorney General, on the brief).

Steven S. Radin, argued the cause for respondent Barrett R. Kobrin, etc., (Sills, Cummis, Zuckerman, Radin, Tischman, Epstein & Gross, attorneys; Trent S. Dickey, on the brief).

Thomas J. Spies argued the cause for respondent Armand DeAngelis, etc. (Walder, Sondak, Berkeley & Brogan, attorneys).

Jay D. Fischer argued the cause for respondent Arden Brown, etc. (Fischer, Kagan, Zaretsky & Scarinci, attorneys).

Mark H. Sobel argued the cause for respondent Richard L. Kobrin, etc. (Greenbaum, Rowe, Smith, Ravin, Davis & Bergstein, attorneys).

Stuart Gold submitted a letter in lieu of brief on behalf of respondent Warren Sandy, etc. (Orloff, Lowenbach, Stifelman & Siegel, attorneys).

Nicholas E. Caprio submitted a letter in lieu of brief on behalf of respondent Peter Calcutta, etc. (Harkavy, Goldman, Goldman & Caprio, attorneys).

The opinion of the Court was delivered by O'HERN, J.

The question in this case is whether the State may proceed with a civil fraud action against associated securities dealers while certain of them are subject to pending criminal actions arising out of the same transactions. (We refer thus to the defendants generally. Some were officers of the firm, some were the firm's traders, and some were sales representatives.) The parties to the criminal actions have in the...

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