Painewebber, Inc. v. Levy

RUSSELL, P.J.S.C.

On April 6, 1987, defendant Carl Levy purchased 20,000 shares of Juice International, Inc. stock at three cents per share from plaintiff PaineWebber. Between January 1994 and April 1994, Levy sold 7,500 shares of the stock, receiving proceeds totalling $25,635.07. However, on April 19, 1993, there had been a 1 for 100 reverse split of the stock. Thus, although prior to the reverse split Levy had owned 20,000 shares, he only owned 200 shares when he began selling it in January 1994. It is uncontroverted that between January 1994 and April 1994, Levy was the beneficiary of a…