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S.E.C. v. CUSTABLE

No. 15-1442.

796 F.3d 653 (2015)

SECURITIES and EXCHANGE COMMISSION, Plaintiff-Appellee, v. Frank J. CUSTABLE, Jr., et al., Defendants.

United States Court of Appeals, Seventh Circuit.

Decided July 28, 2015.

Attorney(s) appearing for the Case

Sarah Prins , Jeffrey Alan Berger , Securities and Exchange Commission, Office of the General Counsel, Washington, DC, for Plaintiff-Appellee.

Roger C. Goble , Lake Zurich , IL, Matthew C. Luzadder , Kelley Drye & Warren LLP, Ted S. Helwig , Katten Muchin Rosenman LLP Joseph P. Kincaid , Swanson, Martin & Bell, LLP, Theodore T. Poulos , Cotsirilos, Tighe & Streicker, Poulos & Campbell, Chicago, IL, for Defendants.

Gary Heesch, Springville, UT, pro se.

Before POSNER, SYKES, and HAMILTON, Circuit Judges.

In 2003 the SEC filed a civil suit against Frank Custable, the principal defendant in this appeal and the only one we need discuss, charging him with fraud involving "penny stocks." The term refers to very cheap stocks (no more than $5 per share). The typical penny-stock fraud involves...

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