Lapidus v. Rever

HAROLD B. SPAET, Circuit Judge.

This is an action brought by plaintiff under provisions of chapter 517, Florida Statutes, the Florida Securities Act. The facts are as follows —

From 1957 until June of 1960, defendant Rever held title to certain land, as trustee for a syndicate. The plaintiff was one of the members of the syndicate during this time. In June of 1960, to provide stability and due to defendant Rever’s ill health, a corporation was formed and the syndicate’s land was trans*82ferred to it. In return for the land, stock was issued to the defendants, Rever and Fiedelbaum, an active member…