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United States v. Jones

450 F.2d 523 (1971)

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United States v. Jones

United States Court of Appeals for the Fifth Circuit
450 F.2d 523 (1971)

Facts

Ronnie Jones (defendant) obtained two blank airline tickets, which he then forged to permit third parties to use for international travel without the airline’s authorization. Jones was convicted of violating 18 U.S.C. § 2314, which prohibits the use of a forged security in interstate commerce. Jones appealed his conviction to the United States Court of Appeals for the Fifth Circuit, arguing that the tickets were not securities. The government (plaintiff) responded that the tickets were evidence of indebtedness—and thus securities—because they were exchangeable for cash pursuant to the airline’s business policy.

Rule of Law

Issue

Holding and Reasoning (Tuttle, J.)

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Casebooks

Securities Regulation

Key Terms