This website requires JavaScript. Please enable JavaScript in your browser settings, or use a different web browser like Google Chrome or Safari.

Options

From our private database of 28,500+ case briefs...

In re Reliance Group Holdings, Inc.

Securities and Exchange Commission

Accounting & Auditing Enforcement Release No. 529 [1991–1995 Transfer Binder] Fed. Sec. L. Rep. (CCH) ¶ 73,989 (Feb. 17, 1994)

Facts

Reliance Group Holdings, Inc. (Reliance) (defendant) decided to realize some of its unrealized investment gains. To do so, Reliance sought to sell some of its high-yield bonds. Reliance, however, wanted to hold its investment in these bonds. Reliance agreed to an arrangement with a broker under which the broker would buy the bonds at market price, hold them for 31 days, and then resell them to Reliance at market price. The broker agreed that it would eliminate any loss to Reliance in these transactions by adjusting prices in future securities transactions in which Reliance engaged. The broker made a commission on each sale. Reliance reported these sales as gains from securities transactions on its Securities and Exchange Commission (SEC) forms 10-Q and 10-K. The SEC (plaintiff) instituted a proceeding against Reliance, alleging that the company should not have reported these sales as gains.

Rule of Law

The rule of law is the black letter law upon which the court rested its decision. To access this section, please start your free trial or log in.

Issue

The issue section includes the dispositive legal issue in the case phrased as a question. To access this section, please start your free trial or log in.

Holding and Reasoning

The holding and reasoning section includes:

A "yes" or "no" answer to the question framed in the issue section;
A summary of the majority or plurality opinion, using the CREAC method; and
The procedural disposition (e.g., reversed and remanded, affirmed, etc.).

To access this section, please start your free trial or log in.

What to do next…

Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 545,000 law students since 2011. Some law schools—such as Yale, Berkeley, and Northwestern—even subscribe directly to Quimbee for all their law students.
Unlock this case brief Read our student testimonials
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students.
Learn about our approach Read more about Quimbee

Here's why 545,000 law students have relied on our case briefs:

Written by law professors and practitioners, not other law students. 28,500 briefs, keyed to 983 casebooks. Top-notch customer support.
The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.

Access this case brief for FREE

With a 7-day free trial membership

Here's why 545,000 law students have relied on our case briefs:

Reliable - written by law professors and practitioners, not other law students
The right length and amount of information - includes the facts, issue, rule of law, holding and reasoning, and any concurrences and dissents
Access in your class - works on your mobile and tablet
28,500 briefs - keyed to 983 casebooks
Uniform format for every case brief
Written in plain English - not in legalese and not just repeating the court's language
Massive library of related video lessons - and practice questions
Top-notch customer support