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S.E.C. v. AMERICAN CAPITAL INVESTMENTS, INC.

Nos. 95-55193, 95-55283, 95-55872 and 95-55878.

98 F.3d 1133 (1996)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellee, v. AMERICAN CAPITAL INVESTMENTS, INC.; Stephen J. Murphy; Kenneth A. Sorensen; Richard D. Otto; Adfin Corporation; Einhorn & Edgerton, Defendants, and John P. Shelton; ACI Investors Protective Association, and Approximately 127 ACI (American Capital Investments) Investors, Defendants-Appellants, Richard G. Shaffer, Defendant-Appellee. UNITED STATES SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellee, v. AMERICAN CAPITAL INVESTMENTS, INC.; John P. Shelton; ACI Investors Protective Association, and Approximately 127 ACI (American Capital Investments) Investors, Defendants-Appellants, Richard G. Shaffer, Appellee, and Stephen J. Murphy; Kenneth A. Sorensen; Richard D. Otto; Adfin Corporation, Defendants. SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. AMERICAN CAPITAL INVESTMENTS, INC., et al., Defendants. John SHELTON; ACI Investors Protective Association and Approximately 156 ACI Investors, Appellants, v. Richard G. SHAFFER, Court Appointed Receiver for Defendant American Capital Investments, Inc., Appellees. SECURITIES AND EXCHANGE COMMISSION, Plaintiff, and John P. Shelton, Esq.; Approximately 156 ACI Investors; ACI Investors Protective Association, Appellants, v. AMERICAN CAPITAL INVESTMENTS, INC., et al., Defendants, and Richard G. Shaffer, Court Appointed Receiver for Defendant, American Capital Investments, Inc., Appellee.

United States Court of Appeals, Ninth Circuit.

Decided October 22, 1996.

Attorney(s) appearing for the Case

Thomas W. Dressler, Dressler, Rein & Evans, Los Angeles, CA, for the appellants.

Charles E. Slyngstad, Musick, Peeler & Garrett, Los Angeles, CA, for the appellee.

Before: FLETCHER and TASHIMA, Circuit Judges, and RESTANI, Court of International Trade Judge.

OPINION

TASHIMA, Circuit Judge:

These cases consist of four consolidated appeals from orders of the district court in a receivership proceeding which was part of a Securities and Exchange Commission ("SEC") civil enforcement action. These appeals stem from the efforts of appellants, defrauded investors ("Investors") of American Capital Investments, Inc. ("ACI"), to upset a judicial sale of ACI-owned real property by appellee Richard G. Shaffer ("Shaffer...

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