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MILNARIK v. M-S COMMODITIES, INC.

No. 18972.

457 F.2d 274 (1972)

Ella MILNARIK et al., Plaintiffs-Appellants, v. M-S COMMODITIES, INC., an Illinois corporation, and David S. Nelson, Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Rehearing Denied March 13, 1972.

Attorney(s) appearing for the Case

Walter H. Moses, Jr., James L. Fox, Chicago, Ill., for plaintiffs-appellants.

Arthur M. Mintz, Irving Lewis, Chicago, Ill., for defendants-appellees.

Before DUFFY, Senior Circuit Judge, and KERNER and STEVENS, Circuit Judges.

STEVENS, Circuit Judge.

This appeal challenges the district court's holding that a discretionary trading account in commodity futures is not subject to the registration requirements of § 5 of the Securities Act of 1933, 15 U.S.C. § 77e.

Plaintiffs deposited $13,662 with defendant Nelson on the understanding that he could use those funds at his discretion to trade commodity futures for the benefit of plaintiffs. Nelson made various trades on margin...

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