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S.E.C. v. COLELLO

No. 95-56688.

139 F.3d 674 (1998)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellee, v. Michael J. COLELLO, Defendant-Appellant, Cross Financial Svc., Inc.; Owen R. Fox; Carroll E. Siemens; Bruce Franklin; Douglas S. Cross, Defendants.

United States Court of Appeals, Ninth Circuit.

Decided March 18, 1998.

Attorney(s) appearing for the Case

Frederick D. Friedman and Edward A. Klein, O'Neill, Lysaght & Sun, Santa Monica, California, for defendant-appellant.

Richard M. Humes and Noran J. Camp, Securities and Exchange Commission, Washington, DC, for plaintiff-appellee.

Before: LAY, GOODWIN and SCHROEDER, Circuit Judges.

GOODWIN, Circuit Judge:

This appeal challenges the right of the Securities and Exchange Commission (the "SEC") to recover, from a non-party to a fraud, investor funds traced to the "nominal defendant" in an action in personam. In the district court proceedings against a number of defendants, the SEC named Michael Colello as a nominal defendant after he had been dismissed as a party to the fraud. Upon a motion for summary judgment, the district court ordered Colello...

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