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Securities Regulation Keyed to Cox
Securities and Exchange Commission v. Edwards
Citation:
540 U.S. 389, 124 S. Ct. 892, 157 L. Ed. 2d 813 (2004)Facts
Charles Edwards, through ETS Payphones, Inc., sold payphone packages to approximately 10,000 investors for a total of $300 million. The packages, priced at approximately $7,000 each, included a payphone, site lease, five-year leaseback and management agreement, and buyback agreement. Under the leaseback arrangement, purchasers received $82 per month, representing a 14% annual return. ETS handled all operational aspects including site selection, installation, connection services, coin collection, and maintenance. Marketing materials promoted the payphones as an exciting business opportunity with potential for ongoing revenue generation. However, the payphones failed to generate sufficient revenue to meet the promised payments, and ETS relied on funds from new investors to pay existing investors. In September 2000, ETS filed for bankruptcy, and the SEC brought a civil enforcement action alleging violations of registration and antifraud provisions of federal securities laws.
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