“promoters of stock corporations who employ the mails in deceitful violation of their fiduciary obligations may incur the full condemnation of the law”
How later courts described this case
- “promoters of stock corporations who employ the mails in deceitful violation of their fiduciary obligations may incur the full condemnation of the law”
- definition of a "promoter.”
Written by the judges who cited it.
The opinion
FAHY, Senior Circuit Judge,
(concurring in affirmance):
In my view appellants should have been permitted to show the eventual repayment of the advance to Golf Contractors, Inc., discussed in Part III of the court’s opinion. As the court points out, the notes were secured by deed of trust, arranged by appellants, on the Glen Haven property. The full circumstances of this transaction, of which the jury were permitted to have only a part, I think were relevant on the issue of criminality. I do not dissent, however, from affirmance, deeming this restriction upon the evidence not so harmful as to call for reversals.