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S. E. C. v. COMMODITY OPTIONS INTERN., INC.

No. 75-2385.

553 F.2d 628 (1977)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellee, v. COMMODITY OPTIONS INTERNATIONAL, INC., a California Corporation, Double Option Systems, Inc., a California Corporation, Josef Rotter, Individually and as president and director of Commodity Options International, Inc., and Double Option Systems, Inc., C. R. Richmond & Co., a California Corporation, and Curtis R. Richmond, Individually and as president and director of C. R. Richmond & Co., Defendants-Appellants.

United States Court of Appeals, Ninth Circuit.

May 10, 1977.

Attorney(s) appearing for the Case

Darrell L. Johnson, Lindholm & Johnson, Los Angeles, Cal., for defendants-appellants.

David Ferber, Frederic T. Spindel, Howard B. Scherer, Attys., Securities Exchange Commission, Washington, D. C., Charles R. Hartman, III, Los Angeles, Cal., argued for plaintiff-appellee.

Before MERRILL, ELY and CHOY, Circuit Judges.

MERRILL, Circuit Judge:

The sole question presented by this appeal is whether naked double options to buy and sell commodity futures contracts are investment contracts and thus are "securities" as defined by § 2(1) of the Securities Act of 1933, 15 U.S.C. § 77b(1).1 Contending that they are securities, the Securities and Exchange Commission (SEC) sought an injunction to prevent appellants...

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