Hilgeman v. National Insurance Co. of America

CLARK, Circuit Judge:

Edward W. Hilgeman, plaintiff-appellant, filed a complaint based upon Section 22 of the Securities Act of 19331 and Section 27 of the Securities Exchange Act of 1934 2 for himself and purportedly on behalf of approximately one thousand persons who bought a Security Charter Contract from the National Insurance Company of America (NICOA), a North Dakota corporation. The instrument was purchased in 1963 while Hilge-man was a resident of the State of Washington. Subsequently Hilgeman moved to Alabama, where the instant suit was filed.

Hilgeman’s complaint alleged: (1) that the…