Continental Marketing Corp. v. Securities and Exchange Commission

387 F.2d 466 (1967)

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Continental Marketing Corp. v. Securities and Exchange Commission

United States Court of Appeals for the Tenth Circuit
387 F.2d 466 (1967)

  • Written by Robert Cane, JD

Facts

Continental Marketing Corporation (Continental) (defendant) was engaged in the domestic beaver industry. Continental offered beavers for sale as a potential profit-making opportunity. Purchasers of beavers could either take delivery of the beavers themselves or opt to place their animals with a professional beaver rancher selected by Continental. Continental encouraged purchasers not to take possession of the beavers, and all purchasers contracted with one of the beaver ranchers as suggested rather than take possession. Purchasers were told that all they needed to do was purchase their beavers, pay the ranching fees, and reap profits as the beavers reproduced. The Securities and Exchange Commission (SEC) (plaintiff) brought an action against Continental for violations of federal securities laws. The district court preliminarily enjoined Continental from selling investment contracts for the sale of beavers. Continental appealed, arguing that it was not engaged in the offer and sale of securities under federal securities law.

Rule of Law

Issue

Holding and Reasoning (Lewis, J.)

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Casebooks

Securities Regulation

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