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Begole bought all Manhattan Casualty Co. (Manhattan) stock from Bankers Life & Casualty Co. (Bankers) (defendant). Begole, Bourne, and others (Begole) got a check for the $5,000,000 purchase price from Irving Trust Co. (Irving) (defendant). Manhattan’s board agreed to sell its United States Treasury Bonds for almost $5,000,000 allegedly believing Manhattan would receive a certificate of deposit in return. Instead, the money was deposited into Manhattan’s Irving account to cover the check for the stock purchase. Irving gave Manhattan a new check, which the president selected by Begole gave to Belgian-American Bank & Trust Co. (Belgian) in exchange for a certificate of deposit. That certificate was given to New England Note Corp. (New England), who gave it to Belgian as security for a loan made by Belgian to New England to pay back the second check. Manhattan’s books did not show the depletion of assets. Manhattan, through its representative New York’s Superintendent of Insurance (plaintiff), sued for securities fraud under Securities Act of 1933, 15 U.S.C. § 17(a), and Securities Exchange Act of 1934 (SEA), 15 U.S.C. § 10(b). The district court dismissed the case, and the court of appeals upheld the dismissal. The United States Supreme Court granted certiorari.
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