District Court, S.D. New York December 20, 1985, 83 Civ. 9319 (WCC) (Ilan v. Shearson/American Express, Inc.)

OPINION AND ORDER

WILLIAM C. CONNER, District Judge:

Plaintiff Rony Ilan (“Ilan”) brought this action against Shearson/American Express, Inc. (“Shearson”), a securities brokerage firm, and Gila Altman (“Altman”), one of Shearson’s brokers, alleging in essence that Altman, with Shearson’s knowledge and consent, fraudulently induced him to trade on margin and churned his account, resulting in