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APPLETON v. FIRST NAT. BANK OF OHIO

No. 93-4246.

62 F.3d 791 (1995)

William APPLETON, Trustee for the Liquidation of the Business of First Ohio Securities Company, Plaintiff-Appellant, v. FIRST NATIONAL BANK OF OHIO and Bank One, Akron, N.A., Defendants-Appellees.

United States Court of Appeals, Sixth Circuit.

Decided August 10, 1995.

Rehearing Denied September 8 and September 26, 1995.

Attorney(s) appearing for the Case

Carl E. Cormany (briefed), Mark V. Webber (briefed), Bernard Goldfarb (argued), Goldfarb & Reznick, Cleveland, OH, for William Appleton.

Marc B. Merklin (argued), John W. Solomon (briefed), Brouse & McDowell, Akron, OH, for First Nat. Bank of Ohio.

Donald W. Davis, Ronald N. Towne (argued and briefed), Guy, Lammert & Towne, Akron, OH, for Bank One, Akron, N.A.

Theodore H. Focht (briefed), Michael E. Don, Josephine Wang, Securities Investor Protection Corp., Gen. Counsel, Washington, DC, for amicus curiae Securities Investor Protection Corp.

Before: MILBURN and NELSON, Circuit Judges; JOINER, District Judge.

JOINER, District Judge.

This case arises out of a Ponzi scheme operated by Thomas Gilmartin, the sole shareholder of First Ohio Securities Corporation (FOSC), and FOSC's president, Terence Zawacki. Gilmartin and Zawacki diverted funds intended by their customers to be invested by FOSC, into a bank account maintained by Gilmartin's sole proprietorship, First Ohio Investment Corporation (First Ohio Investment). Plaintiff, William Appleton, is the trustee appointed...

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