John Dean Sued Over Sale of Securities
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A lawsuit has been filed in Los Angeles against John Dean, a former White House adviser who played a prominent role in the Watergate scandal, over the sale of $320,000 worth of securities.
The suit, filed Monday in U.S. District Court, alleges that Dean and his wife, Maureen, violated federal securities law in the sale of 800,000 shares of stock issued by Coelco Ltd. of Fountain Valley, a holding company.
The suit was filed by Durango International Corp., a Panamanian corporation that purchased the stock from the Deans.
The lawsuit alleges: “At the time of the sales, there was no registration statement in effect with respect to the stock and no exemption applicable to the said sale.” No other claims were stated.
The federal Securities and Exchange Commission requires all stock sales to be registered except those conducted under certain exemptions.
James H. Mitchell Jr., a Los Angeles lawyer representing the plaintiff, said Durango has received no income from the stock and is entitled to recover the $320,000 plus interest.
A telephone call Tuesday to Dean’s home was not answered.
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