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Corporations Keyed to Hamilton
United States v. Chestman
Facts
Ira Waldbaum was the controlling shareholder of Waldbaum, Inc., In 1968, Ira decided to sell the corporation to A & P. He told his sister, Shirley Witkin, three of his children, and his nephew. He asked them to keep the news quiet and offered to tender their shares in Waldbaum. Shirley told her daughter, Susan, who told her husband, Keith. Keith told Chestman, who executed purchases of Waldbaum stock for himself and several customers including Keith. Subsequently, the SEC launched an investigation. Keith agreed to cooperate with the government, disgorged a $25,000 profit and paid a $25,000 fine. With respect to the shares Chestman bought on behalf of Keith, he was convicted of aiding and abetting Keith’s misappropriation under Rule 10b-5. The trial court convicted Chestman on 31 counts of violation of Rule 10-5, violation of Rule 14e-3(a), mail fraud, and one count of perjury. The panel of the Second Circuit set aside his entire conviction.
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