Blue Sky L. Rep. P 71,388 Junius K. Tremps v. Ascot Oils, Inc., and James R. Cunningham

CASTLE, Senior Circuit Judge.

Defendants Ascot Oils, Inc. (“Ascot”), a Louisiana corporation, and James R. Cunningham, Sr., a Louisiana resident who controls Ascot, appeal from an order of the district court holding them jointly and severally liable to plaintiff for amounts paid to Ascot for interests in 11 oil and gas leases. Ascot offered and sold the interests to plaintiff’s settlor, the Hon. Paul H. Buchanan, Jr., an Indiana citizen, over a period from May, 1973, to March, 1974, but it did not register the interests under the Indiana Securities Law, Ind.Code § 23-2-1-1 et seq.…