RONEY, Circuit Judge:
In this case, plaintiff bank sought to recover from defendant-borrowers $1.45 million in damages resulting from alleged fraud in the pledge of worthless stock, asserting a violation of the antifraud provisions of the federal securities acts. 15 U.S.C.A. § 78j(b); 15 U.S.C.A. § 77q(a). Holding that a commercial loan on a promissory note with securities pledged as collateral is not a protected security transaction under the federal antifraud...
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