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S. E. C. v. F. O. BAROFF COMPANY, INC.

No. 720, Docket 73-2665.

497 F.2d 280 (1974)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, Securities Investor Protection Corporation, Applicant-Appellee, v. F. O. BAROFF COMPANY, INC., Defendant-Appellee. Claim of Samuel LUBIN, Claimant-Appellant.

United States Court of Appeals, Second Circuit.

Decided May 29, 1974.

Attorney(s) appearing for the Case

Albert N. Proujansky, New York City (Jeffrey S. Tullman and Kane, Kessler, Proujansky, Preiss & Permutt, P. C., New York City, of counsel), for claimant-appellant.

James B. Kobak, Jr., New York City (James W. Giddens and Hughes, Hubbard & Reed, New York City, of counsel), for defendant-appellee Trustee of F. O. Baroff Co., Inc.

Theodore H. Focht, Gen. Counsel, Securities Investor Protection Corp., Washington, D. C. (Wilfred R. Caron, Associate Gen. Counsel, and Michael E. Don, Atty., Securities Investor Protection Corp., Washington, D. C., of counsel), for appellee Securities Investor Protection Corp.

Before MANSFIELD and TIMBERS, Circuit Judges, and DAVIS, Judge.

DAVIS, Judge:

We are called upon to decide a relatively narrow point, but one of some significance, under the Securities Investor Protection Act of 1970, 15 U.S.C. § 78aaa et seq. The object of that statute, and the function of the Securities Investor Protection Corporation (SIPC) it created, is to protect the public customers of securities dealers from suffering the consequences of financial instability in the brokerage industry. Securities and Exchange Commission...

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