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F.D.I.C. v. SHEARSON-AMERICAN EXP., INC.

Nos. 92-1651, 92-1652.

996 F.2d 493 (1993)

FEDERAL DEPOSIT INSURANCE CORPORATION, Cross-Plaintiff, Appellee, v. SHEARSON-AMERICAN EXPRESS, INC., et al., Cross-Defendants, Banco Cooperativo De Puerto Rico, Intervenor, Appellant. FEDERAL DEPOSIT INSURANCE CORPORATION, Cross-Plaintiff, Appellee, v. SHEARSON-AMERICAN EXPRESS, INC., et al., Cross-Defendants, Prudential Bache Securities, Inc., Intervenor, Appellant.

United States Court of Appeals, First Circuit.

Decided June 24, 1993.

Attorney(s) appearing for the Case

Manuel Fernandez-Bared and Ramon Coto-Ojeda with whom Nestor M. Mendez-Gomez and McConnell Valdes Kelley Sifre Griggs & Ruiz-Suria, were on brief, for intervenor, appellant Prudential Bache Securities, Inc.

Plinio Perez Marrero, for intervenor, appellant Banco Cooperativo De Puerto Rico.

Enrique Peral with whom Munoz Boneta Gonzalez Arbona Benitez & Peral, Ann S. Duross, Gen. Counsel, Colleen B. Bombardier, Sr. Counsel, Jaclyn C. Taner, and Richard Schwartz, were on brief for cross-plaintiff, appellee.

Before STAHL, Circuit Judge, CAMPBELL, Senior Circuit Judge, and SKINNER, Senior District Judge.

LEVIN H. CAMPBELL, Senior Circuit Judge.

In these appeals, two creditors challenge appellee's rights to the assets of the mastermind of a multimillion dollar fraud, each creditor claiming that it has a superior claim to the money.

Miguel Serrano Arreche ("Serrano"), a former Puerto Rico stockbroker, was indicted and convicted in 1985 of wire fraud, mail fraud, and other violations of federal criminal statutes. Serrano's misdeeds have been extensively chronicled...

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