HAYNSWORTH, Chief Judge:
The Securities and Exchange Commission sought an injunction against future violations of the securities laws by American Realty Trust and its president, Thomas Broyhill. Though the judge found a failure to disclose a material fact in a prospectus, he did not find a failure to disclose other material facts as charged by the Commission, and he concluded that the one failure of disclosure was not a violation of any statute because of a failure...
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