Gochnauer v. A.G. Edwards & Sons, Inc.

GARZA, Senior Circuit Judge:

The issue before us is whether a stockbroker can violate his fiduciary obligations under state common law and still fail to violate the anti-fraud provisions of federal securities law or the Florida “blue sky” securities statute. The district court so held, and after review of governing law we affirm the ruling of the court below.

BACKGROUND

Both parties agree on the findings of fact presented in the district court’s order. In April of 1979, plaintiffs/appellants James R. and Patricia M. Gochnauer (“Gochnauers” or “appellants”) maintained a securities account with…