Newman v. Commonwealth

Opinion by

Judge Crumlish, Jr.,

Unemployment compensation claimant, Martin Newman (Claimant) has appealed the decision of the Unemployment Compensation Board of Review (Board) which affirmed the referee’s denial of benefits on the ground that Claimant was an unemployed businessman. We affirm.

The referee found that Claimant was the president and one of the six directors of Capital Corporation of America, in which he owned approximately 8 % of the corporate stock. He received $20,000 annually for his services. In 1971 the company underwent an audit by *457the Securities and Exchange Commission, as a…