United States Court of Appeals for the Second Circuit
405 F.2d 779, cert. denied 394 U.S. 946 (1968)
Louis E. Wolfson (defendant), along with his family and his business partner, Elkin B. Gerbert, owned over 40 percent of the shares of Continental Enterprises, Inc. Between 1960 and 1962, Wolfson and his associates sold a significant number of these shares through several different brokerage houses. The United States (plaintiff) then brought suit against Wolfson for failure to register the stock in question before its sale. Wolfson argued that it was not required to register, as the transactions were not conducted by an issuer, underwriter, or dealer, and thus Wolfson and his associates were exempt from registration. The district court ruled in favor of the United States. Wolfson appealed to the Second Circuit Court of Appeals.
Rule of Law
Holding and Reasoning (Woodbury, J.)
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