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Securities Regulation Keyed to Coffee
Securities and Exchange Commission v. Chinese Consolidated Benevolent Association, Inc
Facts
A group of Chinese Americans (Chinese Consolidated Benevolent Association, Inc.) solicited funds from the Chinese American community, using the money received to buy bonds from the Chinese government. The Chinese government did not approve the Association to do so and therefore the Association received no payment. The Association did not register the bonds with the Securities and Exchange Commission (Plaintiff) and so the SEC requested the actions of the Association cease. § 5 of the Securities Act of 1933 states that it is unlawful for an issuer, underwriter or dealer to utilize any mode of interstate commerce or communication to participate in selling unregistered securities. Due to the district court finding that the Association was not an underwriter, issuer or dealer, it was exempt from §5.
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