Simon v. Orsi

990 F.2d 1260 NOTICE: Ninth Circuit Rule 36-3 provides that dispositions other than opinions or orders designated for publication are not precedential and should not be cited except when relevant under the doctrines of law of the case, res judicata, or collateral estoppel. Jerry SIMON; Donna Simon; Herman Amaral; Rose Amaral; Roy Banogli; Robert Kittle; Linda Kittle; et al., Plaintiffs-Appellants, United States of America, Intervenor, v. Neil A. ORSI; Gene Koon; E. Leo Bullock; Provident Mutual Life Securities Co., Defendants-Appellees. No. 92-16193. United States Court of Appeals, Ninth Circuit. Argued and Submitted March 10, 1993. Decided April 7, 1993. Before GOODWIN, FERNANDEZ and T.G. NELSON, Circuit Judges. 1 MEMORANDUM * 2 Neil Orsi ("Orsi"), an NASD-registered representative of Provident Mutual Life Securities Company ("PML"), sold tax-shelter investments to appellants on the basis of allegedly false and fraudulent representations. The district court denied appellants' motion to reinstate their Rule 10b-5 action against PML pursuant to section 27A of the Securities Exchange Act of 1934. The court held that section 27A, a special provision relating to the statute of…