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Banking Law Keyed to Barr, 3rd Ed.
Mihara v. Dean Witter & Co.
Citation:
619 F.2d 814 (1980)Facts
In January 1971, Samuel Mihara, a 38-year-old engineer with McDonnell-Douglas, opened a securities account with Dean Witter’s Santa Monica office. Mihara had approximately $30,000 in savings, $16,000 in an employee savings account, and equity in his home. He was concerned about potential layoffs at McDonnell-Douglas and wanted to ensure financial security for his family. Mihara was assigned to account executive George Gracis. Despite Mihara’s conservative investment objectives, Gracis recommended speculative investments, primarily in the double-knit fabric industry. The account experienced substantial trading activity, with 50% of securities held for 15 days or less in 1971, and an annual turnover rate of 9.3 times. By 1973, Mihara’s account had suffered trading losses of $46,464, with Gracis earning $12,672 in commissions. Mihara complained repeatedly to Gracis and his supervisors about the losses but continued to follow Gracis’s recommendations.
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