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PALMACCI v. UMPIERREZ

No. 96-2202.

121 F.3d 781 (1997)

Stephen A. PALMACCI, Appellant, v. P. Fernando UMPIERREZ, Appellee. Richard B. Erricola, Trustee.

United States Court of Appeals, First Circuit.

Decided August 11, 1997.

Attorney(s) appearing for the Case

Dorothy F. Silver, for Appellant.

Edward Foye, with whom Ian Crawford and Todd & Weld were on brief, for Appellee.

Before TORRUELLA, Chief Circuit Judge, BOWNES, Senior Circuit Judge, and LYNCH, Circuit Judge.

BOWNES, Senior Circuit Judge.

This case arises out of a speculative investment that went bad. Plaintiff Stephen A. Palmacci invested $75,000 in a project, known as "the Chase project," to purchase and develop distressed real estate. He had heard that the defendant's brother, Gus Umpierrez, who was a real estate agent and knowledgeable in real estate matters, had "turned a pretty fast profit" on similar ventures, and he wanted to reap some of the same type of profits...

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