IN THE MATTER OF CADY, ROBERTS & CO.
40 S.E.C. 907 (1961)
NATURE OF THE CASE: This was a proceeding to determine if a broker dealer violated securities law.
FACTS: Cowdin, a director of Curtiss-Wright Corp. and who was also associated with Cady, Roberts & Co. (D) attended a Curtiss board meeting. A decision was made to cut dividends. Cowdin left the meeting and called D to inform them of the dividend cut before the information was released to the public. D immediately sold Curtiss stock in the accounts of its customers and also sold short. The issue was the liability of the D for trading on the inside information.
ISSUE:
RULE OF LAW:
HOLDING AND
DECISION:
LEGAL ANALYSIS:
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