SECURITIES AND EXCHANGE COMMISSION v. ABERDEEN SECURITIES CO., INC., Et Al. Appeal of Sherwin SELIGSOHN Et Al.

OPINION OF THE COURT

WEIS, Circuit Judge.

We are confronted in this case by the intricacies of the Securities Investor Protection Act of 1970 1 which seeks to provide assistance to those investors unfortunate enough to have selected a stockbroker, who perhaps is able to give sound financial advice to others but is unable to stay solvent himself. The intent of Congress to protect customers of financially distressed security dealers is clear, but the specifics of precise resolution of individual situations are clouded by the provisions of a statute which range far from the clarity of blue sky one…