Joseph C. Canizaro v. Kohlmeyer & Company

PER CURIAM: The appellant, Canizaro, brought suit in the Southern District of New York against a number of New York defendants for damages for claimed violations of Section 12(2) of the Securities Act of 1933, Title 15 U.S.C. § 777(2), and 17 C.F.R. § 240.10b-5 promulgated pursuant to § 10 of the Securities Exchange Act of 1934, Title 15 U.S.C. § 78j, and on various state law principles in connection with a purchase by Canizaro of certain securities in May 1970. A New Orleans, Louisiana based registered broker-dealer, Kohlmeyer & Company (Kohlmeyer), the appellee herein, served as Canizaro’s broker or seller in the actual consummation of the purchase, and was named as a defendant in addition to the New York defendants. Upon Kohlmeyer’s motion, the case against the appellee was severed and transferred to the Eastern District of Louisiana. Following a full-scale trial on the merits, the district court found for the de *485 fendant-appellee on all counts 1 and entered the judgment appealed from. For reasons well stated by the trial court we agree that the plaintiff-appellant Cañizaro failed to prove a violation of either § 12(2) or of Rule 10b — 5, or to prove a case under applicable Louisiana law. The judgment below was right, and is in all respects Affirmed. Footnotes [1] The Findings of Fact and Conclusions of Law of the trial court are reported at 370 F.Supp. 282.