GEOTEL, INC. v. WALLACE


162 A.D.2d 166 (1990)

Geotel, Inc., Appellant, v. William Wallace et al., Defendants, Extebank et al., Respondents, and Laventhol and Horwath, Appellant

Appellate Division of the Supreme Court of the State of New York, First Department.

June 12, 1990


This action arises out of losses of $834,504 sustained by plaintiff as a result of unauthorized securities transactions by its treasurer and chief financial officer, defendant William Wallace. Wallace filed with each of 15 different brokerage firms a corporate resolution authorizing him to open trading accounts in the corporation's name. The resolution was signed by the corporate secretary in the belief that Wallace was acting under...

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