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Argued: October 11, 2001

The issue on this appeal is whether shares of stock transferred to a company that defrauded the transferor and numerous other victims can be included in the receivership estate of the defrauding company for purposes of a pro rata distribution to the defrauded victims.

Stephenson Equity Company (“SECO”) appeals from opinions and orders of the District Court for the Southern District of New York (Robert W. Sweet, District Judge), dated November 29, 2000, and January 19, 2001, the combined effect of which approved a distribution plan in the receivership of Credit Bancorp, Ltd. (“CBL”) and modified an injunction freezing CBL’s assets. SEC v. Credit Bancorp, Ltd., No. 99 CIV. 11395- RWS, 2000 WL 1752979 (S.D.N.Y. Nov. 29, 2000) (“Credit Bancorp (Plan) I”); SEC v. Credit Bancorp, Ltd., 129 F. Supp. 2d 259 (S.D.N.Y. 2001) (“Credit Bancorp (Plan) II). *fn1 We conclude that a pro rata distribution was within the equitable discretion of the District Court, and we therefore affirm.

 
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