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U.S. SECURITIES & EXCHANGE COM'N v. SCHOOLER

No. 16-55167.

905 F.3d 1107 (2018)

U.S. SECURITIES & EXCHANGE COMMISSION, Plaintiff-Appellee, v. E. Andrew SCHOOLER, Defendant-Appellant, and First Financial Planning Corporation, dba Western Financial Planning Corporation, Defendant.

United States Court of Appeals, Ninth Circuit.

Filed September 26, 2018.

Attorney(s) appearing for the Case

Bryan C. Vess , Bryan C. Vess APC, San Diego, California; Philip H. Dyson , Law Office of Philip H. Dyson, Las Mesa, California, for Defendants-Appellants.

Stephen G. Yoder , Senior Litigation Counsel; John W. Avery , Deputy Solicitor; Robert B. Stebbins , General Counsel; Securities and Exchange Commission, Washington, D.C.; for Plaintiff-Appellee.

Before: Sandra S. Ikuta and N. Randy Smith, Circuit Judges, and Stephen M. McNamee, District Judge.

OPINION

Dressing an investment contract in the trappings of a general partnership interest does not immunize that interest from the federal securities laws. Our standard for identifying an "investment contract" under federal securities law has long been "flexible rather than ... static"; it "is capable of adaptation...

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