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Securities Regulation, Keyed to Choi
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 of land to investors, most of whom were out-of-state residents lacking agricultural expertise. Purchasers typically bought small strips of land, often less than one acre. The affiliated Howey-in-the-Hills Service, Inc. offered ten-year service contracts to cultivate, harvest, and market the citrus crops. Eighty-five percent of land purchasers entered into these service contracts. The service company maintained complete control over the land, pooled all produce, and distributed net profits to investors. Purchasers were attracted by promised returns of ten to twenty percent annually. The defendants used mail and interstate commerce to sell these arrangements without registering them as securities with the SEC or filing any notification with the Commission.
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