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DEPT. OF SECURITIES EX REL. FAUGHT v. BLAIR

Nos. 104,004, 104,161, 104,262, 105,682.

231 P.3d 645 (2010)

2010 OK 16

OKLAHOMA DEPARTMENT OF SECURITIES ex rel. Irving L. FAUGHT, Administrator, and Douglas L. Jackson, in his capacity as the court appointed receiver for the investors and creditors of Schubert & Assoc. and for the assets of Marsha Schubert, individually, and doing business as Schubert & Associates, and for Schubert & Associates, Plaintiffs/Appellees, v. R. Kurt BLAIR, Wendy B. Blair, Neil Sheehan, and Robert Rains, Defendants/Appellants, v. Robert W. Matthews, et al., Defendants. Oklahoma Department of Securities ex rel. Irving L. Faught, Administrator, and Douglas L. Jackson, in his capacity as the court appointed receiver for the investors and creditors of Schubert & Associates, and for the assets of Marsha Schubert, individually, and doing business as Schubert & Associates, and for Schubert & Associates, Plaintiffs/Appellees, v. Kenneth Young, Leslie Young, K.R. Larue, Dana Larue, Scott Wilcox, Rodney Martin, Wanda Martin, Raymond Laubach, Dan Jackson and Crystal Jackson, Defendants/Appellants, v. Robert W. Matthews, et al., Defendants. Oklahoma Department of Securities ex rel. Irving L. Faught, Administrator, and Douglas L. Jackson, in his capacity as the court appointed receiver for the investors and creditors of Schubert & Associates, and for the assets of Marsha Schubert, individually, and doing business as Schubert & Associates, and for Schubert & Associates, Plaintiffs/Appellees, v. Kenneth Larue, Arthur Platt, Yvonne Platt, Marvin Wilcox, and Pamela Wilcox, Defendants/Appellants, v. Robert W. Matthews, et al., Defendants. Oklahoma Department of Securities ex rel. Irving L. Faught, Administrator, Plaintiff/Respondent, v. Barry Pollard and Roxanne Pollard, Defendants/Petitioners.

Supreme Court of Oklahoma.

As Corrected April 6, 2010.

Rehearing Denied April 12, 2010.

Attorney(s) appearing for the Case

G. David Bryant and Lisa Wilcox, Kline, Kline, Elliott & Bryant, P.C., Oklahoma City, OK, for Appellants in Nos. 104,004; 104,161; and 104,262 (Consolidated with No. 104,304).

Melanie Hall, Gerri Kavanaugh, and Amanda Cornmesser, Oklahoma City, OK, for Appellee Oklahoma Department of Securities in Nos. 104,004; 104,161; and 104,262 (Consolidated with No. 104,304).

Bradley E. Davenport, Gungoll, Jackson, Collins, Box, & Devoll, P.C., Enid, OK, for Appellee, Douglas L. Jackson, Receiver, in Nos. 104,004; 104,161; and 104,262 (Consolidated with No. 104,304).

Russell L. Mulinix, Amy G. Piedmont, Mulinix, Ogden, Hall, Andrews & Ludlam, P.L.L.C., Oklahoma City, OK, for Petitioners in No. 105,682.

Melanie Hall, Gerri Kavanaugh, and Amanda Cornmesser, Oklahoma City, OK, for Respondent, Oklahoma Department of Securities in No. 105,682.

EDMONDSON, C.J.

¶ 1 The first-impression principal issue in these appellate proceedings is whether an action may be maintained under the Oklahoma Uniform Securities Act against innocent victims of a Ponzi scheme to force them to pay to the Department of Securities those amounts they received from the Ponzi scheme which are in excess of their investments in that scheme. We hold that the Department may proceed against the innocent investors to recover unreasonable...

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