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Corporations Keyed to Hamilton
Smith v. Gross
Facts
Appellees solicited buyer-investors to raise earthworms claiming that little work was required and success was guaranteed by an agreement to repurchase at $2.25 per pound. Appellants allege that the success rate was necessarily lower than promised, the selling price of $2.25 was inflated, and the only way Appellees could sell at that price was to sell the worms to new worm farmers at inflated prices. Appellees claim that this is an investment contract and therefore Appellees have sold a security. Since the security was not registered under the Securities Act of 1933, Appellants have the statutory right to rescind under Section: 12.
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