BEAUVAIS v. ALLEGIANCE SECURITIES, INC.

No. 1755, Docket 91-7289.

942 F.2d 838 (1991)

Richard BEAUVAIS, Plaintiff-Appellee, v. ALLEGIANCE SECURITIES, INC., Irwin Frankel and Frank Grillo, Defendants. Richard BEAUVAIS, Petitioner-Appellee, v. SECURITIES SETTLEMENT CORPORATION, Respondent-Appellant.

United States Court of Appeals, Second Circuit.

Decided August 28, 1991.


Attorney(s) appearing for the Case

Martin P. Unger, New York City (Doria G. Stetch, Gaston & Snow, of counsel), for respondent-appellant Securities Settlement Corp.

Robert J. Poulson, Jr., New York City, for petitioner-appellee Richard Beauvais.

Before CARDAMONE, MINER and MAHONEY, Circuit Judges.


CARDAMONE, Circuit Judge:

Plaintiff Richard Beauvais, a victim of securities fraud, sought to satisfy the remainder of an unpaid judgment rendered in his favor against his stockbroker Allegiance Securities, Inc. (Allegiance), and two of its representatives, Irwin Frankel and Frank Grillo, out of monies allegedly held on behalf of Allegiance by a third party — Securities Settlement Corporation (SSC, Securities Settlement, or appellant). Applying New York law...

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