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SECURITIES & EXCH. COM'N v. FIRST SECURITIES OF CHICAGO

Nos. 73-2026 and 73-2027.

507 F.2d 417 (1974)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellee, v. FIRST SECURITIES COMPANY OF CHICAGO, a corporation, Defendant-Appellee, Leon N. Carnovsky et al., "Escrow Claimants"-Appellants, (In 73-2026), "Escrow Claimants"-Appellees, (In 73-2027), Customer Creditors Committee, Committee-Appellees, (In 73-2026), Committee-Appellants, (In 73-2027), Keith B. Mc Ky, Receiver-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided November 22, 1974.

Attorney(s) appearing for the Case

Michael L. Weissman and Charles Aaron, Samuel H. Young, Chicago, Ill., for Customer Creditors Committee.

Willard J. Lassers and Alex Elson, Donald L. Vetter, Chicago, Ill., for Carnovsky.

Before FAIRCHILD, CUMMINGS and PELL, Circuit Judges.

FAIRCHILD, Circuit Judge.

On June 4, 1968 Leston B. Nay, President of First Securities Company of Chicago, committed suicide. In a note he described certain spurious escrow accounts which he had created and he confessed thefts which in his view rendered First Securities bankrupt. Within a week, the Securities and Exchange Commission commenced this receivership action against First Securities. In two prior appeals we resolved questions concerning the allowance of claims...

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