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Securities Regulation, Cryptotransactions Keyed to Goforth
Securities and Exchange Commission v. W. J. Howey Co.
Citation:
328 U.S. 293, 66 S.Ct. 1100, 90 L.Ed. 1244 (1946)Facts
The W. J. Howey Company owned large citrus groves in Florida and sold parcels to investors while offering service contracts through its affiliated company, Howey-in-the-Hills Service, Inc. Purchasers typically bought small strips of land, often less than five acres, with the average holding being 1.33 acres. The service contracts gave the service company complete possession and control over cultivation, harvesting, and marketing for a ten-year period. Purchasers were predominantly non-Florida residents who were business and professional people lacking the knowledge, skill, and equipment for citrus cultivation. They were attracted by promises of substantial returns, with representations of 20% profits. The defendants used mail and interstate commerce to sell these arrangements without registering them as securities with the SEC.
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