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SECURITIES AND EXCHANGE COMMISSION v. PYNE

Civ. A. No. 662.

39 F.Supp. 434 (1941)

SECURITIES AND EXCHANGE COMMISSION v. PYNE et al.

District Court, D. Massachusetts.

June 16, 1941.

Attorney(s) appearing for the Case

Joseph P. Rooney, Atty., Securities & Exchange Commission, of Boston, Mass. (Chester T. Lane, General Counsel, S. & E. C. Christopher M. Jenks, Asst. General Counsel, Jeremiah J. O'Connor, Atty., John Logan O'Donnell, Atty., Edward H. Cashion, Atty., and Eugene Gressman, Atty., all of Washington, D. C., and Gerard F. Treanor, Atty., of S. & E. C., of Boston, Mass., on the brief), for plaintiff.

John C. Johnston, of Boston, Mass., for defendant.

SWEENEY, District Judge.

The plaintiff seeks to permanently enjoin the defendants from violating certain sections of the Securities Act of 1933, 15 U.S.C.A. § 77a et seq., in the sale of ship shares.

The principal questions for decision are whether the so-called ship shares are securities within the meaning of Section 2 (1) of the said Act, 15 U.S.C.A. § 77b (1), and whether the defendants, in offering the ship shares for sale to the public, attempted...

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