Ashland Oil, Inc. v. Arnett

FAIRCHILD, Senior Circuit Judge.

This case involves an appeal and cross-appeals from a judgment entered following a jury trial. The plaintiffs, four oil suppliers, alleged that Toy and Thomas Arnett orchestrated two episodes of fraud, executed through a petroleum wholesale corporation owned by them, named Arnett Oil, Inc. According to the plaintiffs, the two Arnetts, in league with Arnett Oil’s accountant, Donald G. Richards, induced three of the plaintiffs to extend or expand Arnett Oil’s credit by mailing them a false financial statement showing Arnett Oil to be in sound financial condition,…