John Alden Life Insurance v. C.A. Cavendes, Sociedad Financiera

MEMORANDUM OPINION GRANTING DEFENDANT’S MOTIONS FOR SUMMARY JUDGMENT

ARONOVITZ, District Judge.

I. NATURE OF THE ACTION and JURISDICTION

This is an action for damages and for the imposition of a constructive trust by Plaintiff, JOHN ALDEN LIFE INSURANCE COMPANY (“JALIC”), against Defendant, C.A. CAVENDES, SOCIEDAD FINANCIERA (“CAVENDES”) under § 10(b) of the Securities Exchange Act of 1934, Rule 10b-5 promulgated thereunder, Chapter 517, Florida Statutes and principles of common law fraud. The Complaint alleges that JALIC was induced to sell 323,700 shares of the common stock of Florida National…