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Affiliated Ute Citizens v. United States
Citation:
406 U.S. 128 (1972)Facts
Ute Distribution Corporation (UDC) was created to facilitate the federal government’s withdrawal from its supervision of various assets of mixed and full blood members of the Ute tribe and to make an equitable distribution of property claims between the two groups. The primary assets of the UDC were oil, gas and other mineral rights. To carry out the partition, UDC issued 10 shares of capital stock to each mixed-blood Ute and the plan provided that First Security Bank of Utah would serve as transfer agent for the shares. Defendants, Gale and Haslem, were employees of the Bank and purchased 1,387 shares from mixed-bloods members without disclosing that non-tribal members were trading the shares at prices significantly higher than the defendants were offering the tribal members for their shares.
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