JAMES M. PHILLIPS, APPELLANT,
v.
ALABAMA CREDIT CORPORATION D/B/A FIDELITY SECURITIES CORPORATION, APPELLEE
AI-generated. These summaries, headnotes, and key points are machine-generated and may contain errors or omissions. Always verify against the full opinion text below. Not legal advice.
The court held that fraudulent intent need not be proved for violations of Sections 12(2) and 17 of the Securities Act of 1933.
Phillips was charged with violations of the Securities Act of 1933 and an Alabama misrepresentation statute. Phillips claimed fraudulent intent needed…
The full statement of facts, procedural history, and disposition for this case are member content.
Join FLexlaw to unlock all legal intelligence© FLexlaw, Inc. — AI-generated enrichments are proprietary. All rights reserved.
Explore caselaw by topic → Browse Intent To Defraud cases and more on FLexlaw
PER CURIAM:
Phillips appeals from summary judgment granted in favor of Alabama Credit Corp. Phillips was charged with violations of §§ 12(2), 17 of the Securities Act of 1933, 15 U.S.C.A. §§ 77l(2), 77q, and the Alabama misrepresentation statute, 7 Ala.Code § 108 (1958).1
Phillips claims that fraudulent intent need be proved and that he was entitled to have the jury determine that issue. It is clear that intent need not be proved in § 12(2) and § 17 cases. Wilko v. Swan, 1953, 346 U.S. 427, 431, 74 S.Ct. 182, 184, 98 L.Ed. 168, 173; S.E.C. v. Capital Gaines Research Bureau, 1963, 375 U.S. 180, 192, 195, 84 S.Ct. 275, 283, 11 L.Ed.2d 237, 246, 248. Here, the fact that Phillips had committed the fraudulent acts was overwhelmingly proved by affidavit. Indeed, Phillips' own deposition contains admissions that he participated in the fraudulent scheme.
The District Court found that there was no genuine issue as to any material fact regarding Phillips’ fraudulent acts. We agree.
Affirmed.
. This is a companion case to Nelson and Phillips v. Alabama Credit Corp., 403 F. 2d 692, decided this day, which involved violations of these same statutes.
Cases With Similar Vibessemantic neighbors from the corpus
Citator
Cited By
-
Hill York Corp. v. Am. Int'l Franchises, Inc., 448 F.2d 680 (5th Cir. 1971)
-
Phillips v. Ala. Credit Corp., 403 F.2d 692 (5th Cir. 1968)
-
Ala. Credit Corp. v. Deas, 417 F.2d 135 (5th Cir. 1969)
Authorities Cited
- Wilko v. Swan, 346 U.S. 427 (U.S. 1953)
- Sec. & Exch. Comm'n v. Cap. Gains Research Bureau, Inc., 375 U.S. 180 (U.S. 1963)
- Phillips v. Ala. Credit Corp., 403 F.2d 692 (5th Cir. 1968)