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Securities and Exchange Commission v. Chinese Consolidated Benevolent Association, Inc.

United States Court of Appeals for the Second Circuit
120 F.2d 738 (1941)


Facts

Chinese Consolidated Benevolent Association, Inc. (Chinese Consolidated) (defendant) set up a committee that arranged purchases of Chinese government bonds with Chinese citizens living in the New York metropolitan area. The Securities and Exchange Commission (plaintiff) brought suit, alleging that Chinese Consolidated was providing an unregistered security in violation of federal securities laws, requiring registration of securities sold by an issuer or underwriter. The district court ruled in favor of Chinese Consolidated. The SEC appealed to the Second Circuit Court of Appeals.

Rule of Law

Issue

Holding and Reasoning (Hand, J.)

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