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Stadia Oil & Uranium Co. v. Wheelis

251 F.2d 269 (1957)

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Stadia Oil & Uranium Co. v. Wheelis

United States Court of Appeals for the Tenth Circuit
251 F.2d 269 (1957)

Facts

Stadia Oil & Uranium Company (Stadia) (defendant) sold unregistered shares in Stadia to Wheelis and others (plaintiffs). Wheelis sued Ben Rankin (defendant) and Stadia claiming, among other things, that Rankin was liable for Stadia’s illegal sales of shares because he was a control person of Stadia within the meaning of § 15 of the Securities Act of 1933. At trial, Rankin denied knowing about or participating in the relevant sales. However, Wheelis presented evidence that Rankin was one of Stadia’s organizers, served as a Stadia vice president, and was one of Stadia’s three directors. Wheelis further presented evidence that Rankin presided over and participated in board meetings at which the relevant sales were discussed and authorized and that he signed two of the relevant stock certificates. After weighing the parties’ competing evidence, the jury found that Rankin was liable for the illegal sales because he was a control person of Stadia. Rankin appealed.

Rule of Law

Issue

Holding and Reasoning (Breitenstein, J.)

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