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STRAUB v. VAISMAN & CO., INC.

Nos. 75-1704, 75-2018.

540 F.2d 591 (1976)

Eckart R. STRAUB et al., Plaintiffs-Appellees, v. VAISMAN AND COMPANY, INC., a New Jersey Corporation, et al., Defendants-Appellants.

United States Court of Appeals, Third Circuit.

Decided June 15, 1976.

Attorney(s) appearing for the Case

Jay D. Fischer, Fischer & Kagan, Clifton, N.J., for defendants-appellants.

Melvin Greenberg, Lowenstein, Sandler, Brochin, Kohl & Fisher, Newark, N.J., for plaintiffs-appellees; Cahill & Kaswell, Washington, D.C., of counsel.

Before VAN DUSEN, KALODNER and WEIS, Circuit Judges.

OPINION OF THE COURT

WEIS, Circuit Judge.

A sale of securities accomplished by the seller's flagrantly fraudulent conduct forms the basis of this suit under the Securities Act of 1933 and the Securities Exchange Act of 1934. We reject a contention that, under the circumstances presented, the purchasers are barred from recovery because they failed to make an independent investigation and, instead, relied upon the integrity

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