Logourl black
From our private database of 14,100+ case briefs...

Jelmoli Holding v. Raymond James Financial Services

United States Court of Appeals for the First Circuit
470 F.3d 14 (2006)


Facts

William Potts was an employee of Jelmoli Holding, Inc. (Jelmoli) (plaintiff) responsible for liquidating certain assets and investing the proceeds. Jelmoli’s parent company was based in Switzerland, and Potts worked in Massachusetts. Potts had the authority to sign checks on behalf of Jelmoli and was also responsible for verifying that Jelmoli’s account in the United States was properly maintained. In April 2000, Potts began writing checks from the Jelmoli bank account to his brokerage firm, Raymond James Financial Services (RJ) (defendant), to cover Potts’s personal debts. Potts represented to RJ that Jelmoli was owned by Potts. By December 2000, Potts had given RJ checks totaling $1.5 million. By the time that the fraud was discovered and Jelmoli notified RJ, Potts had removed all of the money from the brokerage account. Jelmoli sued RJ under a theory of unjust enrichment. RJ asserted the statutory defense that it was a holder in due course under the Uniform Commercial Code (UCC). The case was tried by a jury, which found mostly in favor of Jelmoli. RJ appealed to the United States Court of Appeals for the First Circuit.

Rule of Law

The rule of law is the black letter law upon which the court rested its decision.

To access this section, please start your free trial or log in.

Issue

The issue section includes the dispositive legal issue in the case phrased as a question.

To access this section, please start your free trial or log in.

Holding and Reasoning (Boudin, J.)

The holding and reasoning section includes:

  • A "yes" or "no" answer to the question framed in the issue section;
  • A summary of the majority or plurality opinion, using the CREAC method; and
  • The procedural disposition (e.g. reversed and remanded, affirmed, etc.).

To access this section, please start your free trial or log in.

What to do next…

  1. Unlock this case brief with a free (no-commitment) trial membership of Quimbee.

    You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.

  2. Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.

    Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.

Here's why 222,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 14,100 briefs, keyed to 189 casebooks. Top-notch customer support.
  • The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
  • Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
  • Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.