SHEARSON LEHMAN HUTTON, INC. v. WAGONER

No. 1602, Docket 91-7105.

944 F.2d 114 (1991)

SHEARSON LEHMAN HUTTON, INC., Plaintiff-Appellee, v. Walter WAGONER, Jr., Trustee, Defendant-Appellant.

United States Court of Appeals, Second Circuit.

Decided September 18, 1991.


Attorney(s) appearing for the Case

William M. Laviano, Ridgefield, Conn., for defendant-appellant.

Kevin McCann, Hartford, Conn. (William S. Rogers, Joseph A. Aceto, Tyler Cooper & Alcorn, of counsel), for plaintiff-appellee.

Before CARDAMONE and WALKER, Circuit Judges, and McKENNA, District Judge.


CARDAMONE, Circuit Judge:

After opening an account with a leading brokerage firm, the principal, by his actions, proved the truth of the old adage — that the cost of keeping one's friends does not lie in what one does for them, but in what one refrains from doing to them. Here the principal sold worthless notes and loan agreements to fellow church members, and used the proceeds to make stock trades in the name of his wholly-owned corporation, which subsequently...

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