STONE v. KIRK

No. 91-5833.

8 F.3d 1079 (1993)

David STONE and Colleen Stone, Plaintiffs-Appellees, v. John Wilson KIRK and J.W.K. Land and Cattle Company, Inc., Defendants-Appellants.

United States Court of Appeals, Sixth Circuit.

Decided November 1, 1993.


Attorney(s) appearing for the Case

Joel C. Morgan, J. Randall Reinhardt (argued and briefed), Reinhardt, Morgan & Arnold, Lexington, KY, for plaintiffs-appellees.

Lawrence R. Webster, Pikeville, KY, Felix J. Gora (argued), Ralph F. Mitchell (briefed), Rendigs, Fry, Kiely & Dennis, Cincinnati, OH, for defendants-appellants.

Before: MARTIN, MILBURN and NELSON, Circuit Judges.


DAVID A. NELSON, Circuit Judge.

This is a securities fraud case that arises out of sales of tax shelters designed to give investors the benefit of large investment tax credits. The credits were ultimately disallowed by the Internal Revenue Service, which found the tax shelters to be fraudulent and abusive.

The individual defendant, a certified public accountant who received hidden commissions on sales he made to groups of accounting clients and others, went...

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