No. 94-3210.

52 F.3d 667 (1995)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellee, v. John D. LAUER and Clifton Capital Investors L.P., Defendants-Appellants.

United States Court of Appeals, Seventh Circuit.

Decided April 12, 1995.

Rehearing Denied May 17, 1995.

Attorney(s) appearing for the Case

Jacob H. Stillman, Katharine B. Gresham (argued), Lucinda O. McConathy, Brian F. McNally, Diane V. White, S.E.C., Office of Gen. Counsel, Washington, DC, for S.E.C.

Susan Getzendanner, Donna L. McDevitt (argued), Skadden, Arps, Slate, Meagher & Flom, Chicago, IL, for John D. Lauer and Clifton Capital Investors L.P.

Before POSNER, Chief Judge, and BAUER and RIPPLE, Circuit Judges.

POSNER, Chief Judge.

John D. Lauer and a company controlled by him known as Clifton Capital Investors L.P. (CCI) appeal from the grant of a preliminary injunction sought by the Securities and Exchange Commission in its suit against Lauer, CCI, and others for federal securities fraud. The appellants argue that there is no security and therefore no jurisdiction under the federal securities laws. The case is surprisingly novel, involving as it does a degree of fraud...


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