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INSURANCE CONSULTANTS OF AM. v. SOUTHEASTERN INS.

Civ. A. No. 89-3389.

746 F.Supp. 390 (1990)

INSURANCE CONSULTANTS OF AMERICA, INC., EMPLOYEE PENSION PLAN; Albert and Flora Lechter; Bernard E. Koff; Murray and Carole Novick; Gary Schaedel; L. Arne Skilbred; Profit-Sharing Trust for Marprowear Corp.; Ira Coleman; John A. Roberts Co. Inc. Retirement Plan; Frank P. Farinella, Jr.; The Spitz Trust; Zarrow, Zarrow & Klien; Donald C. Works, Jr.; Kenneth M. Reichle, Jr.; Stateline Management Pension Fund; Malt Products Corporation; and J.W. Pierson Company Pension Plan, Plaintiffs v. SOUTHEASTERN INSURANCE GROUP, INC.; Robert A. Beck II; Ronald M. Prupis; Leonard Bellezza; Byron L. Sparber; William D. Lipkind; Neil L. Prupis; Stephen E. Lampf; Paul M. Petigrow; Ernest J. Sabato; William Paulus, Jr.; Harry Olstein; Frederick C. Mezey; Joseph S. Littenberg; Linda F. Burton; Lynn K. Day; Carl B. Shible; Deloitte Haskins & Sells; Lampf, Lipkind, Prupis & Petigrow; Richard Roe, Inc. and John Doe, Defendants.

United States District Court, D. New Jersey.

August 21, 1990.

Attorney(s) appearing for the Case

Theodore L. Abeles, Sills, Cummis, Zuckerman, Radin, Tischman, Epstein & Gross, Newark, N.J., for plaintiffs.

Michael M. Rosenbaum, Budd, Larner, Gross, Rosenbaum, Greenberg & Sade, Short Hills, N.J., for defendants Bellezza, Sabato, Olstein, Mezey and Paulus.

L. Bruce Puffer, Shanley & Fisher, Morristown, N.J., for defendant Deloitte Haskins & Sells.

Matthew P. Boylan, Mary Jo Reich, Lowenstein, Sandler, Kohl, Fisher & Boylan, Roseland, N.J., for defendant Lampf, Lipkind, Prupis & Petigrow.

Bradley S. Hartman, Litman, Muchnick, Wasserman & Hartman, Hollywood, Fla., for defendant Shible.

Jules Rossi, Long Branch, N.J., Jay Starkman, Steel, Hector & Davis, Miami, Fla., for defendant Beck.

Stephen E. Lampf, William D. Lipkind, Neil L. Prupis and Paul M. Petigrow, Lampf, Lipkind, Prupis & Petigrow, West Orange, N.J., pro se.

David M. Feinberg, Feinberg, Feinberg & Trisch, Rahway, N.J., for defendant Littenberg.

Byron L. Sparber, Squire, Sanders & Dempsey, Miami, Fla., pro se.

Ronald M. Prupis, Fisher Island, Fla., pro se.

Lynn K. Day, Coral Springs, Fla., pro se.

Linda F. Burton, Fort Lauderdale, Fla., pro se.

OPINION

LECHNER, District Judge.

The plaintiffs in this action are a group of investors who invested and lost substantial sums of money in the private offering (the "Private Offering") of securities in a high-risk business venture called the Southeastern Insurance Group, Inc. ("SIG"). In an effort to recoup some or all of their investment, the plaintiffs initiated this lawsuit alleging violations of various federal and state securities laws, the Racketeer...

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