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FREDERIKSEN v. POLOWAY

No. 80-1292.

637 F.2d 1147 (1981)

Jeffrey E. FREDERIKSEN and Emerald City Corporation, an Illinois Corporation, Plaintiffs-Appellants, v. Edward T. POLOWAY, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided January 8, 1981.

Attorney(s) appearing for the Case

Mark H. Schiff, Kaplan, Bernstein & Waller, Chicago, Ill., for plaintiffs-appellants.

Michael H. Moirano, Howington, Elworth, Osswald & Hough, Chicago, Ill., for defendant-appellee.

Before FAIRCHILD, Chief Judge, SPRECHER and CUDAHY, Circuit Judges.

SPRECHER, Circuit Judge.

This case involves the scope of the federal securities laws. The question we confront is whether alleged fraud regarding the sale of assets and stock in a corporation falls within the scope of those laws. Not all sales transactions which involve "stock" are necessarily covered by the securities laws. Rather, the test for coverage, in general is whether the purchaser is placing money in the hands of another who will control the funds and the...

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