Ferguson v. Williams

BRADY, Justice.

Appellee Williams brought suit to recover funds invested and expended by him in a joint venture with appellants Ferguson and Welborn. In a bench trial, the trial court rendered judgment for Williams against appellants jointly and severally in the sum of $30,518.58 damages, plus $5,000.00 exemplary damages and attorney fees of $20,-719.00. The trial court filed findings of fact and conclusions of law holding that Williams’ interest in the venture was an “investment contract” and thus a security; that the same was not registered with the State Securities Board; that the same was…