FEDERAL DEPOSIT INSURANCE CORPORATION v. NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.

No. 84-1352.

747 F.2d 498 (1984)

FEDERAL DEPOSIT INSURANCE CORPORATION, in its Corporate Capacity, Appellant, v. NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC., Appellee.

United States Court of Appeals, Eighth Circuit.

Decided November 13, 1984.


Attorney(s) appearing for the Case

Bennett A. Webster, argued, Frank W. Davis, Jr., Des Moines, Iowa, for appellant.

Andrew McR. Barnes, Washington, D.C., argued, Stephen M. Morain and Gale E. Juhl, Des Moines, Iowa, for appellee.

Before LAY, Chief Judge, and ROSS and McMILLIAN, Circuit Judges.


PER CURIAM.

The National Association of Securities Dealers, Inc. (NASD) is a self-regulatory association created pursuant to the Maloney Act, 15 U.S.C. § 78o-3 (1982), to regulate brokers and dealers of securities who are members of the association. One of NASD's members, Lewellyn Company, converted almost $15 million of funds and securities of the now insolvent First National Bank of Humboldt, Iowa. The Federal Deposit Insurance Corporation (FDIC), as...

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