S.E.C. v. SG LTD.

Nos. 01-1176, 01-1332.

265 F.3d 42 (2001)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, Appellant, v. SG LTD. et al., Defendants, Appellees.

United States Court of Appeals, First Circuit.

Decided September 13, 2001.

Attorney(s) appearing for the Case

Mark Pennington, Assistant General Counsel, with whom David M. Becker, General Counsel, Jacob H. Stillman, Solicitor, and Meyer Eisenberg, Deputy General Counsel, were on brief, for appellant.

Daniel I. Small, with whom Meaghan E. Barrett and Butters, Brazilian & Small, LLP were on brief, for appellees.

Before BOUDIN, Chief Judge, SELYA and LIPEZ, Circuit Judges.

SELYA, Circuit Judge.

These appeals — procedurally, there are two, but for all practical purposes they may be treated as one — require us to determine whether virtual shares in an enterprise existing only in cyberspace fall within the purview of the federal securities laws. SG Ltd., a Dominican corporation, and its affiliate, SG Trading Ltd. (collectively, "SG" or "defendants"), asseverate that the virtual shares were part of a fantasy investment game...


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