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Securities and Exchange Commission v. Shields

744 F.3d 633 (2014)

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Securities and Exchange Commission v. Shields

United States Court of Appeals for the Tenth Circuit
744 F.3d 633 (2014)

  • Written by Robert Cane, JD

Facts

Jeffory Shields (defendant) was managing partner of GeoDynamics, Inc. (defendant). Shields sold joint-venture agreements to investors who had little to no experience in the oil-and-gas industry. These joint-venture agreements required that the investors rely on turnkey drilling and completion contracts with GeoDynamics for the joint venture to be successful. The Securities and Exchange Commission (SEC) (plaintiff) sued Shields and GeoDynamics in district court, alleging that the joint-venture agreements were in fact investment contracts subject to federal securities regulations. The district court held that the SEC had failed to plead sufficient factual allegations that showed the joint-venture agreements satisfied the Howey test for investment contracts. The SEC appealed.

Rule of Law

Issue

Holding and Reasoning (Seymour, J.)

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Casebooks

Securities Regulation

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