Spicer

This is an action to recover money paid for certain stock in a corporation, which stock was never delivered. The general situation leading up to the controversy is as follows: Thomas J. McLemore, a business man of large experience and considerable success, came to California for his health in 1919, being then about sixty-eight years old, and settled at Escondido about thirty-five miles from San Diego. Early in the spring of 1924 he met B. D. Spicer who was vice-president of and manager .of the San Diego office of Stephens & Company, a firm dealing in investment securities. He developed a very considerable confidence in Mr. Spicer, and made a number of investments through him. In June, 1925, Spicer organized the San Diego Ice & Cold Storage Company, of which he became president. On June 24, 1925, Spicer, McLemore and a number of others, signed an agreement providing that a corporation should be organized to take over an existing ice business, that Stephens & Company should receive a certain proportion of the stock for their services in organizing the corporation and acting as “syndicate manager”, and that the signers should pay $105 for each unit of five shares of class A and one…