DYER, Circuit Judge:
This appeal presents a narrow question of law—Does the making of intrastate telephone calls satisfy the jurisdictional requirement of "use of any means or instrumentality of interstate commerce" found in § 10 of the Securities Exchange Act of 1934, 15 U.S.C.A. § 78j, and Securities and Exchange Commission Rule 10b-5, 17 C.F.R. 240.10b-5. The district court held that it did not, and granted the defendant's motion for summary...
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