Paine, Webber, Jackson & Curtis, Inc., 598 F2d 888 (5th Cir. McNeal sought damages from Paine, Webber in the federal case in an amount equal to the invested funds lost by the alleged "churning" activity of Skone. § 240.10b-5), which makes it unlawful, in connection with sales of securities, to use "any manipulative or deceptive device or contrivance in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors." McNeal's petition in federal court sought damages under federal securities laws from Paine, Webber, the defendant brokerage firm, alleging that Paine, Webber's account executive, Skone, engaged in a fraudulent scheme of buying and selling securities for McNeal's account for the purpose of generating commissions for himself, that Skone purposely concealed the true status of the account, and that such actions on the part of Skone constituted illicit "churning" activity. 10 (b) of the Securities and Exchange Act of 1934, 15 USCA 78J (b), and S.E.C.
The federal case was based on an alleged violation of Sec. Skone, the instant appellant-employee, was not a party to the federal litigation.
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The appellants' motion asserted that appellee-plaintiff's action was barred by res judicata and/or collateral estoppel as the result of a trial in federal court in which a verdict in favor of Paine, Webber, the appellant-employer in the instant case, was rendered.
The instant interlocutory appeal is from a judgment of the trial court denying the motion for summary judgment of the defendant-appellants, Paine, Webber and Skone.
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