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IN RE OLD NAPLES SECURITIES, INC.

No. 99-2510.

223 F.3d 1296 (2000)

In re: OLD NAPLES SECURITIES, INC., Debtor. Theodore H. Focht, Securities Investor Protection Corp., Plaintiffs-Appellants, v. Kevin Heebner, Eileen C. Brown, Merritt W. Brown, Defendants-Appellees.

United States Court of Appeals, Eleventh Circuit.

August 23, 2000.

Attorney(s) appearing for the Case

Donald Alan Workman, Foley & Lardner, Tampa, FL, William H. Seckinger, Kenneth J. Caputo, Securities Investor Protection Corp., Washington, DC, for Plaintiffs-Appellants.

William Thornton, Jr., Reading, PA, Amee Beth Bryan, Foley & Lardner, Tampa, FL, for Defendants-Appellees.

Before BLACK, CARNES and KRAVITCH, Circuit Judges.

KRAVITCH, Circuit Judge:

In this appeal, we determine whether clients of an insolvent brokerage qualify as "customers" under the Securities Investor Protection Act ("SIPA" or "the Act"), 15 U.S.C. §§ 78aaa-78lll, entitling them to funds from the brokerage's estate and, if necessary, the Securities Investor Protection Corporation ("SIPC"). The bankruptcy and district court each concluded that the clients had deposited cash with Old Naples Securities...

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