Wachovia Securities LLC v. Banco Panamericano, Inc.

Dist. Ct. did not err in granting plaintiff's request to utilize corporate veil piercing theory to find that defendant's corporate shareholders were liable to plaintiff for corporation's failure to meet stock margin debt. Record showed that there was unity of interest between corporation and its shareholders where: (1) corporation had only $1,000 paid-in-capital; (2) any assets of corporation was encumbered by loan from different entity controlled by one of instant shareholders; and (3) stockholders failed to respect corporate form and neglected to keep proper corporate records. Moreover, record also supported Dist. Ct.'s finding that corporation's assets were looted by insiders or related entities after corporation had incurred instant margin debt.