Appeal No. 586 January Term, 1974, from the Order of the Superior Court at No. 1611, October Term, 1973, dated November 8, 1973, Affirming, Per Curiam the Judgment of the Court of Common Pleas of Montgomery County, dated June 28, 1973, at No. 70-10225; Robert W. Tredinnick, Judge.
Thomas M. Garrity, Michael J. O'Donoghue, Wisler, Pearlstine, Talone, Craig & Garrity, Norristown, for appellants.
Edward Fackenthal, Norristown, for appellee.
Jones, C. J., and O'Brien, Roberts, Pomeroy, Nix and Manderino, JJ. Eagen, J., took no part in the consideration or decision of this case. Roberts, J., filed a dissenting opinion.
Order affirmed. Each party to bear own costs.
Appellee, David Warner, instituted this action pursuant to Section 12 of the Securities Act of 1933.*fn1 Appellee
claimed that a partially performed contract for the sale of securities between him and appellants, Robert Jordan and his wife Phyllis, was in violation of the Securities Act of 1933 because the securities were not registered. The Court of Common Pleas ordered rescission of the contract, and awarded damages to appellee on the basis of losses sustained when he resold securities purchased pursuant to the contract. The Superior Court affirmed, per curiam.
The record supports the trial court's conclusion that the contract was in violation of the Securities Act. Appellant did not sustain his burden of proving that this was a private sale, exempt from the Securities Act.*fn2 I conclude, ...