People v. Mercer Hicks Corp.

In a proceeding brought by the Attorney-General under the Martin Act (General Business Law, art. 23-A), a receiver was appointed for the Mercer Hicks Corporation. Under the act such receiver takes custody “ of any and all property derived by the defendant or defendants or any of them by means of any such fraudulent practices, including also all property with which such property has been mingled if such property can not be identified in kind because of such commingling ” (General Business Law, § 353-a).

Claimant trustees had turned over various securities to Mercer Hicks as brokers for purposes…