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Securities Regulation Keyed to Coffee
Securities and Exchange Commission v. Koscot Interplanetary, Inc
Facts
Koscot Interplanetary, Inc. organized a tri-level pyramid operation for the sale of cosmetics, the difference between each level being the amount of investment and amount of discounts on cosmetics sold to the lower tiers at a greater price. When a current investor brings in a new financier, they get a percentage of the amount the new investor pays to Koscot. Current investors beseeched potential investors to attend meetings where Koscot employees would read from scripts. Once a potential investor decided to invest, the promoting investor was not obligated to perform additional work. The district court found that the Koscot agreement did not involve a sale of investment contract and therefore refused to grant an injunction.
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