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S.E.C. v. NATIONAL PRESTO INDUSTRIES, INC.

No. 05-4612.

486 F.3d 305 (2007)

SECURITIES and EXCHANGE COMMISSION, Plaintiff-Appellee, v. NATIONAL PRESTO INDUSTRIES, INC., Defendant-Appellant.

United States Court of Appeals, Seventh Circuit.

Decided May 15, 2007.

Attorney(s) appearing for the Case

John W. Avery (argued), Securities & Exchange Commission Office of the General Counsel, Washington, DC, for Plaintiff-Appellee.

Maureen E. Mahoney (argued), Latham & Watkins, Washington, DC, for Defendant-Appellant.

Before EASTERBROOK, Chief Judge, and POSNER and EVANS, Circuit Judges.

EASTERBROOK, Chief Judge.

Most mutual funds and other investment companies come within the scope of the Investment Company Act of 1940 because they hold themselves out "as being engaged primarily, or propos[ing] to engage primarily, in the business of investing, reinvesting, or trading in securities". 15 U.S.C. § 80a-3(a)(1)(A). But firms can be dragged within the Act's coverage kicking and screaming, even though they depict themselves as operating businesses...

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