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CADY v. MURPHY

No. 3570.

113 F.2d 988 (1940)

CADY et al. v. MURPHY.

Circuit Court of Appeals, First Circuit.

August 15, 1940.

Attorney(s) appearing for the Case

Richard Wait, of Boston, Mass., and Robert Hale, of Portland, Me., for appellants.

Richard S. Chapman, of Portland, Me. (Nathan W. Thompson, of Portland, Me., on the brief), for appellee.

Withington, Cross, Proctor & Park, Lothrop Withington, and Edward C. Park, all of Boston, Mass., amici curiæ for Boston Association of Stock Exchange Firms.

Before MAGRUDER and MAHONEY, Circuit Judges, and McLELLAN, District Judge.

MAGRUDER, Circuit Judge.

This appeal requires for its disposition an interpretation of § 12(2) of the Securities Act of 1933,1 48 Stat. 74. The challenged judgment for plaintiff-appellee cannot stand if, as the defendants maintain, the liability imposed by § 12(2) applies only to owners of securities, selling their own property as principals.

The plaintiff is a small securities broker and dealer doing business in Portland...

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