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SECURITIES & EX. COM'N v. INVESTORS SECURITY CORP.

Civ. A. Nos. 75-1036, 75-1304.

415 F.Supp. 745 (1976)

SECURITIES & EXCHANGE COMMISSION v. INVESTORS SECURITY CORPORATION and William H. Brown. SECURITIES & EXCHANGE COMMISSION v. INVESTORS SECURITY LEASING CORPORATION, et al.

United States District Court, W. D. Pennsylvania.

June 17, 1976.

Attorney(s) appearing for the Case

Thomas H. Monahan, SEC, Philadelphia, Pa., for plaintiff.

David A. McVey, Stevens, Clark, Laubach & Semple, Pittsburgh, Pa., for trustee of defendant: Investors Security Corp.

Alan Lefkowitz, Kaplan, Finkel, Lefkowitz, Roth & Ostrow, Pittsburgh, Pa., for receiver of defendant: Investors Security Leasing Corp.

James McLaughlin, Mcardle, McLaughlin & McVay, Pittsburgh, Pa., for defendant: William H. Brown.

John Doherty, William Manifesto, DeCello, Bua & Manifesto, Pittsburgh, Pa., for defendants: Dale McDonald and William Lynam.

Hurd Baruch, McCann, Garland, Ridell & Burke, Pittsburgh, Pa., for Equibank, N.A.

Theodore Focht, Washington, D. C., for Security Investors Protection Corp.

OPINION

SNYDER, District Judge.

This Court is presently concerned with twelve of some one hundred and eighty-three brokerage accounts representing about $100,000.00 of $2,000,000.00 of securities taken in by brokers and their agents, on which the securities owners may incur staggering losses through hypothecation of stock for personal ventures in "get rich quick" schemes.

Equibank, N.A. proposes to sell securities valued in excess of $100,000.00...

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