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KLEIN v. SECURITIES AND EXCHANGE COMMISSION

No. 298, Docket 23463.

224 F.2d 861 (1955)

Rudolph V. KLEIN, doing business as R. V. Klein Company, Petitioner, v. SECURITIES AND EXCHANGE COMMISSION and National Association of Securities Dealers, Inc., Respondents.

United States Court of Appeals Second Circuit.

Decided June 16, 1955.

Attorney(s) appearing for the Case

M. Mac Schwebel, New York City, for petitioner.

William H. Timbers, Thomas G. Meeker, Arden L. Andresen and Elizabeth B. A. Rogers, for Securities and Exchange Commission, Washington, D. C.

John W. Lindsey, Washington, D. C., for National Association of Securities Dealers, Inc.

Before L. HAND, SWAN and FRANK, Circuit Judges.

FRANK, Circuit Judge.

1. Klein, in making the sales in question, acted as a seller to, and not as a broker or agent of, the two customers. Of this fact they were well aware, having been so notified by Klein. Nor were they inexperienced in buying and selling securities. Neither appeared as witnesses at the subcommittee hearing. Neither customer complained of the transactions with Klein. Before the proceedings began, but when they seemed imminent, the customers wrote...

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