J. Michael Coombs's Legal Cases (3)

Securities and investment fraud

Source Direct Holdings, Inc. v. Integritas, Inc., et al., 2010 U.S. Dist. LEXIS 120239 , 2010 WL 428627 (DC Utah Oct. 20, 2010)

Oct 20, 2010

OUTCOME: Summary judgment in favor of consultants obtained for over $1 million on counterclaim for stock conversion.

Case involved consulting agreements that were performed on and under which the Defendants obtained stock. When Defendants went went to sell their shares, the Plaintiff issuer, a publicly held company, ... claimed fraud, wouldn't allow it and stopped transfer. Plaintiff sued and Defendants counterclaimed for conversion and wrongful refusal to transfer.

Securities and investment fraud

Broadwater v. Old Republic Surety, 854 P.2d 527 (Utah Sup. Ct. 1993).

Jun 04, 1993

OUTCOME: Summary judgment in favor of Plaintiff on stock conversion and wrongful refusal to transfer claim upheld by Utah Supreme Court. Established measure of damages in Utah for stock conversion and wrongful refusal to transfer.

Is the leading case in Utah on stock conversion and the measure of damages for stock conversion and wrongful refusal to transfer stock. Holds that the measure of damages in Utah for conversion of stoc ... k is the highest price of the stock a reasonable time after the conversion and notice of conversion.

Financial markets and services

Herron v. OTRA Securities Group, Inc., et al., Fed. Dist. Court Case No. 1991-cv-714S (CD. Utah 1994)

Oct 30, 1991

OUTCOME: The Court certified the Complaint as a RICO and securities fraud class action on behalf of 32,500 securities brokerage customers, the first of its kind in Utah. The case was thereafter settled.

Plaintiff brought a class action under RICO and for federal securities fraud based on clearing corporation's imposition of a maintenance fee on customer accounts and then selling securities out of cust ... omer accounts without their knowledge or consent, further alleging that clearing corp "shorted" the shares before grabbing customers' securities and using the same to cover their short positions.

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