United States Securities & Exchange Commission v. Zada

How courts have described this case

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

• holding that loans and investment contracts are not mutually exclusive
• upholding imposition of civil penalty, equal to the amount of ill-gotten gains, of over $56 million
• finding materiality where investors were told their money would be used to buy oil, “when in fact [the defendant] planned to use the money for his own purposes”
• finding materiality where investors were told their money would be used to buy oil, “when in fact [the defendant] planned to use the money for his own purposes”
• “If notes are sold to a wide range of unsophisticated people, as opposed to a handful of institutional investors, the notes are more likely to be securities.”

Source: CourtListener parenthetical corpus (CC0).