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State v. Russell

Decided: June 12, 1972.

STATE OF NEW JERSEY, PLAINTIFF-APPELLANT,
v.
ROBERT J. RUSSELL, GERALD T. HYAMS, A/K/A GERALD T. HYAMES, EDWIN FREDERICK PIERCE A/K/A ED PIERCE, AND AAPCO, INC., A CORPORATION CHARTERED UNDER THE LAWS OF PENNSYLVANIA, DEFENDANTS-RESPONDENTS



Lewis, Halpern and Lora.

Per Curiam

[119 NJSuper Page 345] Defendants were indicted in May 1970 for alleged violations of the New Jersey Uniform Securities Law (1967) and charged with the following offenses:

I. Willfully defrauding certain stockholders of AAPCO, Inc. (a Pennsylvania corporation with manufacturing headquarters in Pennsauken, N.J., and which conducted shareholders' meetings within Camden County) by willfully failing to disclose that they were attempting to sell or selling a greater number of shares of AAPCO stock than was authorized by the corporate charter, in violation of N.J.S.A. 49:3-52 and N.J.S.A. 49:3-70.

II. Willfully attempting to sell AAPCO securities which were not registered as required by the provisions of N.J.S.A. 49:3-60, contrary to N.J.S.A. 49:3-60 and N.J.S.A. 49:3-70.

III. Willfully conspiring to violate the provisions of the Uniform Securities Law (N.J.S.A. 49:3-47 et seq.) to wit:

(a) defrauding stockholders;

(b) employing unregistered securities agents to sell, and by selling without being registered as licensed securities agents, the stock of AAPCO;

(c) attempting to sell unregistered securities;

(d) willfully disregarding the lawful orders and subpoenas of the Bureau of Securities, contrary to N.J.S.A. 2A:98-1.

IV. Willfully attempting to sell through unregistered and unlicensed securities agents the stock of AAPCO. Defendants were arraigned and admitted to bail.

In preparation for trial, the State filed and served a trial memorandum and requests to charge setting forth principles of law which the State sought to have applied. A pretrial conference was held pursuant to R. 3:13-1. By order and memorandum the pretrial judge denied plaintiff's requests to charge as to the term "willful" as used in the New Jersey Securities Law. Motion for leave to appeal was granted.

The two denied requests to charge were as follows:

3. As the term "wilful" is used in the New Jersey Securities Law, it is not necessary that the person ...


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