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Securities Regulation Keyed to Coffee
Securities and Exchange Commission v. W. J. Howey Co.
Facts
Howey owned a large citrus grove and solicited investors to participate in his business venture. Howey would implement a land sale contract for a small portion of the grove to the investor while also having them enter into a service contract for cultivation of that land. The service contract granted Howey the complete right to possession due to the investor not taking part in cultivation of any sort. Once harvested, the investor would get an account for the produce yielded by the strip they invested in, however the fruit was marketed exclusively by Howey. Howey utilized various agencies of interstate commerce when endorsing this arrangement but failed to register the contracts and “securities” with the SEC. This led to the SEC bringing an action seeking an injunction against the use of interstate commerce on the grounds that Howey established sales of unregistered securities, violating § 5(a) of Securities Act of 1933. Trial court denied the injunction, saying that the contract arrangement did not provide sales of securities. The court of appeals affirmed. The SEC sought certiorari.
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