MOTLEY, District Judge.
Memorandum Opinion and Order
This action arises out of the alleged "churning" — excessive trading in order to generate commissions — of a commodities account belonging to Pennon, Inc. (Pennon). Pennon's account was handled by defendant Arthur Espey (Espey), a registered representative for defendant Shearson, Hammill & Co. (Shearson), a broker-dealer. Plaintiff Ben R. Johnson (Johnson) is a shareholder of Pennon...
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