Legal Opinion
James M. Phillips v. Alabama Credit Corporation D/B/A Fidelity Securities Corporation
Court of Appeals for the Fifth Circuit
Decided November 25, 1968No. 25331_1PublishedCited by 2 opinions
1Per curiam
Phillips appeals from a directed verdict in favor of Alabama Credit Corp. on three counts of securities fraud in violation of §§ 12(2), 17 of the Securities Act of 1933, 15 U.S.C.A. §§ 77l(2), 77q, and the Alabama misrepresentation statute, 7 Ala.Code § 108 (1958). 1
Phillips offered no evidence to contradict the overwhelming proof that he committed the fraudulent acts. The only evidence offered by Phillips was reputation testimony from friends and associates. It is clear that fraudulent intent need not be proved and that testimony of the defendant’s reputation in the community is not enough…
2Cases cited5 opinions
- Wilko v. SwanSupreme Court of the United States · 1953
- Securities & Exchange Commission v. Capital Gains Research Bureau, Inc.Supreme Court of the United States · 1963
- Mutual Sav. Life Ins. Co. v. OsborneSupreme Court of Alabama · 1945
- Phillips v. Alabama Credit Corp.Court of Appeals for the First Circuit · 1968
- Mutual Sav. Life Ins. Co. v. OsborneAlabama Court of Appeals · 1945
3Cited by2 opinions
- Fed. Sec. L. Rep. P 93,122 John R. Lewis Inc. And Glenn E. Hinton, Investments, Inc. v. Hal C. NewmanCourt of Appeals for the Fifth Circuit · 1971
- Phillips v. Alabama Credit Corp.Court of Appeals for the First Circuit · 1968