Lesser v. Smith

The finding shows that the plaintiff and others, including the defendant, in the fall of 1929, joined in forming a “pool” for the purchase and sale of securities for mutual profit. The agreement was a verbal one and provided, among other things, that the defendant, who was a stockbroker in the city of Bridgeport, should buy and sell securities upon his own initiative on behalf of and for the benefit of the members of the pool and without advising or consulting them, and should receive a specified proportion of the profits, the balance to be divided among the other members of the pool in…