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In the Matter of Ira Haupt & Co.

Securities and Exchange Commission
23 S.E.C. 589 (1946)


Facts

Ira Haupt & Co., a brokerage firm, represented David A. Schulte, president and holder of 92 percent of the common stock of Park & Tilford, Inc. In an effort to increase the value of Park & Tilford’s stock, Schulte offered a dividend consisting of cases of whiskey, at a time of whiskey shortages during World War II. Schulte then sought to sell 93,000 shares of Park & Tilford’s stock after announcing the dividend. Schulte sought the help of Ira Haupt in making the sale of the stock in question. The Securities and Exchange Commission then brought this proceeding to address Ira Haupt’s involvement in the distribution of an unregistered security. Ira Haupt argued that it was exempt from registering the stock in question because it was a broker merely distributing the stock.

Rule of Law

Issue

Holding and Reasoning (Hays, J.)

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