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SEC v. EDWARDS

No. 02-1196.

540 U.S. 389 (2004)

SECURITIES AND EXCHANGE COMMISSION v. EDWARDS.

Supreme Court of United States.

Decided January 13, 2004.

Attorney(s) appearing for the Case

Solicitor General Olson argued the cause for petitioner. With him on the briefs were Deputy Solicitor General Kneedler, Matthew D. Roberts, Meyer Eisenberg, Jacob H. Stillman, and Susan S. McDonald.

Michael K. Wolensky argued the cause for respondent. With him on the brief was Ethan H. Cohen.*

O'CONNOR, J., delivered the opinion for a unanimous Court.

JUSTICE O'CONNOR delivered the opinion of the Court.

"Opportunity doesn't always knock . . . sometimes it rings." App. 113 (ETS Payphones promotional brochure). And sometimes it hangs up. So it did for the 10,000 people who invested a total of $300 million in the payphone sale-and-leaseback arrangements touted by respondent under that slogan. The Securities and Exchange Commission (SEC) argues that the arrangements were investment...

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