Arthur W. Bowley v. Stotler & Co. And John Mulach C/o Stotler & Co.

The issue on which I part company with the majority involves the “control” issue of Bowley’s appeal. Bowley contends that Mulach, the account executive, had de facto control of his trading account and that Mulach, utilizing that control, churned Bowley’s security account to Bowley’s detriment. Mulach, on the other hand, was consistent in asserting that Bowley had the right to control the account by refusing recommendations made by Mulach to either buy or sell, and that indeed, by the time of the alleged churning activity, it was Bow-ley himself who was initiating the trading activity. Hence…