LYONS v. JEFFERSON BANK & TRUST

Nos. 92-1209, 92-1212 and 92-1377.

994 F.2d 716 (1993)

David J. LYONS, Commissioner of Insurance for the State of Iowa and receiver for the Iowa Trust, Plaintiff-Appellee/Cross-Appellant, v. JEFFERSON BANK & TRUST, a Colorado corporation, Defendant-Appellant/Cross-Appellee.

United States Court of Appeals, Tenth Circuit.

Rehearing Denied June 17, 1993.


Attorney(s) appearing for the Case

William C. Waller, Jr. (Denis H. Mark and Robert M. Vinton with him, on the briefs) of Vinton, Waller, Slivka & Panasci, Denver, CO, for defendant-appellant/cross-appellee.

Walter W. Garnsey, Jr., of Kelly/Haglund/Garnsey & Kahn, Denver, CO (Edwin S. Kahn of Kelly/Haglund/Garnsey & Kahn, Bonnie J. Campbell, Atty. Gen., and Anuradha Vaitheswaran, Asst. Atty. Gen., Iowa Securities Bureau, Des Moines, IA, with him, on the briefs), for plaintiff-appellee/cross-appellant.

Before McKAY, Chief Judge, McWILLIAMS and KELLY, Circuit Judges.


McKAY, Chief Judge.

I

This case is a dispute between two innocent parties, both of which had the misfortune of retaining Mr. Steven Wymer as their investment counselor. On November 25, 1991, Defendant Jefferson Bank & Trust sought to temporarily liquidate its portfolio of $44.7 million under the management of Mr. Wymer. Jefferson Bank re-invested these moneys the next day. On December 9, 1991, the Securities and Exchange Commission filed a civil action...

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