Rudolph v. Klein, Doing Business as R. v. Klein Company v. Securities and Exchange Commission and National Association of Securities Dealers, Inc.
Court of Appeals for the Second Circuit
Petitioner Rudolph V. Klein is a broker and dealer in securities, doing business as the R. Y. Klein Company, of which he is sole owner.
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Petitioner Rudolph V. Klein is a broker and dealer in securities, doing business as the R. Y. Klein Company, of which he is sole owner. He was a member of the National Association of Securities Dealers, Inc. (hereinafter called NASD). In January of 1952, the District Business Conduct Committee, of the NASD district in which Klein conducted his business, filed charges against him and one other, alleging, inter alia, that sales of oil royalties to two customers between April and September of 1951 violated Sections 1 and 4 of Article III of the NASD Rules of Fair Practice.1 The NASD is an…
1Opinion of the Court
FRANK, Circuit Judge.
1. Klein, in making the sales in question, acted as a seller to, and not as a broker or agent of, the two customers. Of this fact they were well aware, having been so notified by Klein. Nor were they inexperienced in buying and selling securities. Neither appeared as witnesses at the subcommittee hearing. Neither customer complained of the transactions with Klein. Before the proceedings began, but when they seemed imminent, the customers wrote letters to Klein expressing entire satisfaction as to their dealings with him. After the proceedings began, replying to an inquiry…
2Cited by7 opinions
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- Investors Research Corporation and James E. Stowers v. Securities and Exchange Commission, Richard H. Driehaus v. Securities and Exchange CommissionCourt of Appeals for the D.C. Circuit · 1980
- TODD AND COMPANY, INC. and Thomas K. Langbein, Petitioners, v. SECURITIES AND EXCHANGE COMMISSION, RespondentCourt of Appeals for the Third Circuit · 1977
- Securities & Exchange Commission v. CulpepperCourt of Appeals for the Second Circuit · 1959
- Securities and Exchange Commission v. CulpepperCourt of Appeals for the Second Circuit · 1959
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