Empire Life Insurance v. Brown

James E. Brown filed an equitable petition against the Empire Life Insurance Company, for the cancellation of his stock certificate as having proceeded by fraud, for the recovery of the money and. property paid for the same, and for the liquidation of the company through the medium of a receivership on the ground of insolvency. The petition alleged as follows': Empire Life Insurance Company was chartered on November 10, 1900, as an insurance company upon the mutual and co-operative assessment plan. Petitioner purchased from this company $3000 worth of investment certificates issued by it. On…