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S.E.C. v. JOINER CORP.

No. 24.

320 U.S. 344 (1943)

SECURITIES AND EXCHANGE COMMISSION v. C.M. JOINER LEASING CORPORATION ET AL.

Supreme Court of United States.

Decided November 22, 1943.

Attorney(s) appearing for the Case

Mr. John F. Davis, with whom Solicitor General Fahy and Messrs. Richard S. Salant, Milton V. Freeman, and Louis Loss were on the brief, for petitioner.

Mr. David A. Frank for respondents.

MR. JUSTICE JACKSON delivered the opinion of the Court.

The Securities and Exchange Commission brought this action in District Court to restrain respondents from further violations of §§ 5 (a) and 17 (a) (2) and (3) of the Securities Act of 1933.1 The District Court denied relief and the Circuit Court of Appeals affirmed upon a construction of the statute which excludes from its operation all trading in oil and gas leases.

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