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SECURITIES & EXCH. COM'N v. COM. CHEMICAL, ETC.

No. 496, Docket 76-6175.

574 F.2d 90 (1978)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellee, v. COMMONWEALTH CHEMICAL SECURITIES, INC., et al., Defendants-Appellants.

United States Court of Appeals, Second Circuit.

Decided March 3, 1978.

Attorney(s) appearing for the Case

Michael C. Devine, New York City (Schwenke & Devine, and Richard W. Lyon, New York City, of counsel), for defendants-appellants.

David Ferber, Sol. to the Commission, and Frederick B. Wade, Sp. Counsel, Securities and Exchange Commission, Washington, D. C. (Howard B. Scherer and Angela M. Desmond, Securities and Exchange Commission, Washington, D. C., of counsel), for plaintiff-appellee.

Before FRIENDLY, SMITH and MESKILL, Circuit Judges.

FRIENDLY, Circuit Judge:

This action by the Securities and Exchange Commission (SEC) in the District Court for the Southern District of New York arises from an offering of 50,000 units of common stock and redeemable purchase warrants of Beneficial Labs, Inc. (BL) made by Commonwealth Chemical Securities, Inc. (CCS) on a "best efforts — all or none basis," and an additional 50,000 units on a "best efforts" basis in the go-go market of late 1971 and early 1972...

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