Fed. Sec. L. Rep. P 95,095 Ramon D. Pratt v. First California Company, Incorporated

BREITENSTEIN, Circuit Judge.

In this action under the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., the trial court held that venue lay in the District of Utah. We allowed an interlocutory appeal under 28 U.S.C. § 1292(b) and reverse.

Plaintiff-appellee Pratt met defendant-appellant Congleton in California and discussed with him the sale of stock in a company known as Newport. Congleton represented that he could dispose of the stock through defendant-appellant California Investors, a brokerage firm later taken over by defendant-appellant First California Company, another brokerage…