Can-Am Petroleum Co. v. Beck

LEWIS, Circuit Judge.

Appellees as plaintiffs below initiated this action under the Federal Securities Act of 1933, 15 U.S.C. § 77a et seq., to recoup monies paid to the corporate defendant for undivided interests in oil and gas leases. The individual defendants are managing officers of Can-Am Petroleum Company. The trial court, concluding that the evidence supported plaintiffs’ claim that the securities were sold in violation of sections 77e and 771 of the Act,1 entered judgment for plaintiffs according to their several interests and added a joint award for costs and attorneys’ fees under…