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S.E.C. v. CREDIT BANCORP, LTD.

Docket No. 00-6376.

290 F.3d 80 (2002)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellee, Stephenson Equity, Co., Intervenor-Plaintiff-Appellant, Robert Praegitzer, et al., Intervenors-Plaintiffs-Appellees, v. CREDIT BANCORP, LTD., et al., Defendants-Intervenors-Defendants, Carl H. Loewenson, Jr., Receiver-Appellee.

United States Court of Appeals, Second Circuit.

Decided: May 9, 2002.

Attorney(s) appearing for the Case

Donald L. Kahl, Hall, Estill, Hardwick, Gable, Golden & Nelson, P.C., Tulsa, OK (T. Lane Wilson, Tulsa, OK; William A. Maher, Frederick R. Kessler, Daniel S. Goldsmith, Wollmuth Maher & Deutsch, LLP, New York, N.Y. on the brief), for Intervenor-Plaintiff-Appellant.

Carl H. Loewenson, Jr., Morrison & Foerster, LLP, New York, N.Y. (Charles L. Kerr, Oliver Metzger, Andrew J. Fields, Eleonore Dailly, New York, N.Y., on the brief), for Receiver-Appellee.

Tom Karr, Securities and Exchange Commission, Washington, D.C. (David M. Becker, Gen. Counsel, Richard M. Humes, Assoc. Gen. Counsel, Melinda Hardy, Asst. Gen. Counsel, Meyer Eisenberg, Deputy Gen. Counsel, Washington, D.C., on the brief), for Plaintiff-Appellee.

Joel W. Sternman, Rosenman & Colin LLP, New York, N.Y.; Joel A. Mullin, Stoel Rives LLP, Portland, OR, submitted a brief for Intervenors-Plaintiffs-Appellees Robert Praegitzer, et al.

Before WALKER, Chief Judge, JON O. NEWMAN, and KEARSE, Circuit Judges.

JON O. NEWMAN, Circuit Judge.

The issue on this appeal is whether shares of stock transferred to a company that defrauded the transferor and numerous other victims can be included in the receivership estate of the defrauding company for purposes of a pro rata distribution to the defrauded victims. Stephenson Equity Company ("SECO") appeals from opinions and orders of the District Court for the Southern District of New York (Robert W. Sweet, District Judge)...

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