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Securities Regulation Keyed to Cox
Securities and Exchange Commission v. W. J. Howey Co.
Citation:
328 U.S. 293, 66 S.Ct. 1100, 90 L.Ed. 1244 (1946)Facts
W. J. Howey Company owned large citrus groves in Florida and sold parcels of land to investors, primarily non-Florida residents who lacked agricultural expertise. The company offered land sales contracts coupled with service contracts through its affiliate, Howey-in-the-Hills Service, Inc. Purchasers typically bought small strips of land, often less than one acre, which were not separately fenced and were impractical to develop individually. Eighty-five percent of purchasers entered into ten-year service contracts giving the service company complete control over cultivation, harvesting, and marketing, with profits pooled and distributed based on acreage ownership. Investors were attracted by promised returns of ten to twenty percent annually and were predominantly hotel patrons who had no intention of personally cultivating the land. The transactions were marketed as investment opportunities rather than traditional real estate sales.
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