UNITED STATES of America, Appellee, v. Julian S. H. WEINER, Marvin Al Lichtig and Solomon Block, Appellants

Caution

578 F.2d 757

United States Court of Appeals for the Ninth CircuitJuly 21, 197875-2973California16,433 words

Opinion

Julian Weiner, Marvin Lichtig, and Solomon Block appeal their respective convictions for securities fraud arising out of their employment as auditors of Equity Funding Corporation of America (Equity Funding) during the time covered by the indictment.

Equity Funding was incorporated in 1960 to sell life insurance, mutual funds, and “equity funding” programs. The company operated legitimately and profitably until 1964, when, the government proved, it began to publish inaccurate and false financial statements. Equity Funding was accused of massive fraud in overstating its income and claiming nonexistent assets in order to increase the market value of its stock.

Wolfson, Weiner, Ratoff, and Lapin were the independent public accountants for Equity Funding from 1961 until 1971. In early 1972, the Los Angeles branch of the Wolfson, Weiner firm joined with the accounting firm of Seidman & Seidman. The combined firm served as Equity Funding’s independent public accountant until the exposure of the fraud in 1973.

Julian Weiner was the Wolfson, Weiner partner in charge of the audits of Equity Funding from 1961 to 1973. He was convicted of six counts of securities fraud, 15 U.S.C. §§ 77x,…

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Parties

Fed. SEC. L. Rep. P 96,541 United States of America
Plaintiff
Julian S. H. Weiner, Marvin Al Lichtig and Solomon Block
Defendant

Judges

Choy
Goodwin
Per Curiam
Thompson

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