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Banking Law Keyed to Barr, 3rd Ed.
Chasins v. Smith, Barney & Co.
Citation:
438 F.2d 1167 (1971)Facts
In 1961, Abram Chasins, the musical director of radio station WQXR and commentator on a program sponsored by Smith, Barney, opened a brokerage account with the firm. Smith, Barney provided Chasins with a written analysis of his securities holdings and strongly recommended purchases of Welch Scientific, Tex-Star Oil and Gas, and Howard Johnson Company stocks. Between July and August 1961, Chasins purchased these recommended securities in four transactions totaling $34,950. Smith, Barney acted as principal in these over-the-counter transactions, selling the securities from its own inventory. While Smith, Barney’s confirmation slips disclosed it was acting as principal “for our own account,” the firm did not disclose it was “making a market” in these securities—meaning it maintained positions in the stocks and participated in over-the-counter trading in them. Chasins later sold these securities in June 1962 for $16,333.36, suffering a loss of $18,616.64, before discovering Smith, Barney’s market-making activities.
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