- 12 -
testimony that he gave regarding his use as a hedge of the stock
that he held in the account that he maintained during 1986 at
Wagner Stott Clearing Corp., that he was not a dealer in securi-
ties during 1986, especially since other evidence in the record
established, and we found in our Opinion, that during that year
Mr. Gordon was licensed by the National Association of Security
Dealers to sell securities to the public and that he was regis-
tered with the Securities Exchange Commission as a broker/dealer.
The entire record presented to us left open the distinct possi-
bility in our mind that Mr. Gordon could have qualified as a
dealer in securities during 1986 and that he could have fit
within the hedging exception in section 1256(f)(3)(B).
It is significant that Ms. Gordon did not attempt to clarify
the record regarding Mr. Gordon's alleged hedging activities.
The two questions quoted above are the only questions relating to
Mr. Gordon's alleged hedging activities that Ms. Gordon, through
8 (...continued)
27 through May 30, 1986, and Oct. 31 through Nov. 28, 1986. We
found in our Opinion that those Wagner Stott statements for Mar.
27 through May 30, 1986, reflected that Mr. Gordon held the stock
of 11 companies at the end of the periods covered by those
statements. It was not clear to us from the conclusory testimony
of Mr. Gordon quoted above whether the "account" to which Mr.
Gordon was referring in that testimony was the Wagner Stott
Clearing Corp. account that he maintained in his name during
1986, whether Mr. Gordon held any other stock during that year
through Wagner Stott Clearing Corp. other than that reflected in
the Wagner Stott statements that were part of the record, or
whether he had any other accounts during 1986 with other compa-
nies in which he held stock.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Next
Last modified: May 25, 2011