Federal Case

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• holding that a relief defendant did not have legitimate claim to stock she had received as gift
• finding that spouse had no legitimate claim to shares for which he “gave no consideration”
• finding that neither relief defendant had legitimate claim to proceeds of sale of shares because SEC was likely to be able to show that relief defendants gave no consideration for shares and thus received them as gift
• registration statement covering issuance to management did not cover reoffering of shares to other persons
• “Each sale of a security, then, must either be made pursuant to a registration statement or fall under a registration exemption.” (citation omitted)
• “Once the SEC has made a prima facie case [for a violation of Section 5], the burden shifts to the defendant to show that the securities were exempt from the registration requirement.”

Source: CourtListener parenthetical corpus (CC0).