Fed. Sec. L. Rep. P 98,720 Securities and Exchange Commission v. The Seaboard Corporation, Etc., Admiralty Fund, and Admiralty Fund Growth Series Litigation Trust, Cross-Claimant/appellant v. Lewis Jones, Cross-Defendant/appellee

677 F.2d 1289 Fed. Sec. L. Rep. P 98,720 SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. The SEABOARD CORPORATION, etc., et al., Defendants. ADMIRALTY FUND, and Admiralty Fund Growth Series Litigation Trust, Cross-Claimant/Appellant, v. Lewis JONES, Cross-Defendant/Appellee. No. 79-3818. United States Court of Appeals, Ninth Circuit. Argued and Submitted Sept. 8, 1981. Decided May 24, 1982. Stephen H. Marcus, Greenberg, Bernhard, Weiss & Karma, Los Angeles, Cal., for cross-claimant/appellant. Brian G. Gough, MacDonald, Halsted & Laybourne, Los Angeles, Cal., for cross-defendant/appellee. Appeal from the United States District Court for the Central District of California. Before WRIGHT and WALLACE, Circuit Judges, and EAST, * Senior District Judge. EUGENE A. WRIGHT, Circuit Judge: 1 This is an appeal of a summary judgment for cross-defendant Lewis Jones. We reverse in part and remand for trial because we find material issues relating to the statute of limitations and to Jones' scienter. FACTUAL BACKGROUND 2 The transaction that provides the factual background for this appeal is Admiralty Fund's (hereinafter AF) purchase of stock of Oceanography, Inc. 3 In count 2 of its…