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ASPLUND v. SIFE

No. A089432.

103 Cal.Rptr.2d 34 (2000)

86 Cal.App.4th 26

Kenneth ASPLUND et al., Plaintiffs and Appellants, v. SELECTED INVESTMENTS IN FINANCIAL EQUITIES, INC., Defendant and Respondent.

Court of Appeals of California, First District, Division Two.

Review Denied March 14, 2001.

Attorney(s) appearing for the Case

Stephen McNichols, Jr., Donald A. Odell and Leslie A. Baxter, McNichols Randick O'Dea & Tooliatos, LLP, Pleasanton, for Appellant.

Jan Stiglitz, for Respondent.

KLINE, P.J.

The chief question in this case is whether a broker-dealer of securities has a common law duty to supervise sales by its registered representatives of investments in which the broker-dealer has no economic interest to persons who are not customers of the broker-dealer. We hold that where, as here, the registered representative is not an employee of the brokerdealer, has no actual or apparent authority to sell the investment at issue, and the broker had...

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