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SECURITIES AND EXCHANGE COMMISSION v. KASSER

No. 76-1332.

548 F.2d 109 (1977)

SECURITIES AND EXCHANGE COMMISSION, Appellant, v. Alexander KASSER et al.

United States Court of Appeals, Third Circuit.

Decided January 14, 1977.

Attorney(s) appearing for the Case

David Ferber, Sol. to the Com'n, Jacob H. Stillman, Asst. Gen. Counsel, Thomas C. Devlin, Atty., Washington, D. C., for appellant.

Gerald Walpin, Marc Rowin, Rosenman, Colin, Freund, Lewis & Cohen, New York City, and Stephen E. Mochary, Montclair, N. J., for appellee Stephen E. Mochary.

Dickinson R. Debevoise, Alvin Weiss, Riker, Danzig, Scherer & Debevoise, Newark, N. J., for appellees Chester Chastek, James M. Brown, Jr., River Sawmills Co. and Blue Const. Corp.

Barry H. Garfinkel, Douglas M. Kraus, Skadden, Arps, Slate, Meagher & Flom, New York City, and Clyde A. Szuch, Pitney, Hardin & Kipp, Morristown, N. J., for appellees Churchill Forest Industries (Manitoba) Ltd., Technopulp Inc. and Churchill Pulp Mill Ltd.

Before ADAMS and WEIS, Circuit Judges, and FOGEL, District Judge.

OPINION OF THE COURT

ADAMS, Circuit Judge.

The central issue in this case is whether the Securities and Exchange Commission (SEC) may invoke the jurisdiction of the federal courts over defendants who have allegedly engaged in fraudulent conduct within the United States, when the sole victim is a foreign corporation and when the purported fraud had little, if any, impact within this country.

I.

For the purpose of this appeal, the allegations...

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