SECURITIES & EXCH. COM. v. KOSCOT INTER., INC.

No. 73-2339.

497 F.2d 473 (1974)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellant, v. KOSCOT INTERPLANETARY, INC., et al., Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

July 15, 1974.


Attorney(s) appearing for the Case

Richard E. Nathan, Asst. Gen. Counsel, David J. Romanski, Atty., David Ferber, Sol., S. E. C., Washington, D. C., James E. Long, John M. Kelly, S. E. C., Atlanta, Ga., for plaintiff-appellant.

Jeffrey Allen Tew, Miami, Fla., for Turner Enterprises.

Theodore I. Koskoff, Bridgeport, Conn., for G. Turner.

Before RIVES, GEWIN and RONEY, Circuit Judges.


GEWIN, Circuit Judge:

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,

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