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Maldonado v. Dominguez

137 F.3d 1 (1998)

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Maldonado v. Dominguez

United States Court of Appeals for the First Circuit
137 F.3d 1 (1998)

KS

Facts

Miguel Maldonado (plaintiff) and other investors were invited by Dean Witter Reynolds, Inc. of Puerto Rico to attend a meeting on an exclusive investment opportunity. At the meeting, Ramon Dominguez (defendant) presented information about investing in the Puerto Rico International Bank (PRIBANK). Maldonado and others invested in PRIBANK to leverage collateral with low-interest loans in order to purchase mortgages with higher interest rates. When interest rates were raised, PRIBANK could not maintain its investment strategy and failed. Maldonado filed suit against Dominguez, claiming violation of numerous securities laws and regulations including § 17(a) of the Securities Act of 1933. Dominguez filed a motion to dismiss. The district court dismissed all of Maldonado’s claims and granted Dominguez’s motion to dismiss on the basis that § 17(a) did not create a cause of action that could be brought by an individual and that it was inappropriate to imply such a cause of action. Maldonado appealed.

Rule of Law

Issue

Holding and Reasoning (Torruella, C.J.)

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Casebooks

Securities Regulation

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