[Download] "Securities and Exchange Commission v. Koscot Interplanetary Inc." by United States Court of Appeals for the Fifth Circuit * eBook PDF Kindle ePub Free
eBook details
- Title: Securities and Exchange Commission v. Koscot Interplanetary Inc.
- Author : United States Court of Appeals for the Fifth Circuit
- Release Date : January 15, 1974
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 86 KB
Description
This appeal emanates from a district court order denying an injunction sought by the Securities & Exchange Commission (SEC) against Koscot Interplanetary, Inc., (Koscot) for allegedly violating the federal securities laws. Specifically, the SEC maintained that the pyramid promotion enterprise operated by Koscot was within the ambit of the term security, as employed by the Securities Act of 1933 and the Securities Exchange Act of 1934, that as such it had to be registered with the SEC pursuant to the 33 Act, and that the manner in which Koscot purveyed its enterprise to potential investors contravened the anti-fraud provisions of the 34 Act. In a comprehensive opinion, reported at 365 F. Supp. 588 (N.D. Ga. 1973), the district court denied the injunction holding that the Koscot Scheme did not involve the sale of a security. Because of our disagreement with the district courts reasoning, we reverse.