SEC v. Koscot Interplanetary, 365 F.Supp. 588 (1973)

Is the Koscot sales program a security under current federal law?

more+
less-

The District court held that Koscot was not a security under the law of the circuit. The court felt compelled to follow earlier circuit precedent in deciding that profits must come "solely" from the efforts of others for an investment program to be considered a security. While other circuits had adopted a more flexible functional security test, the Eleventh Circuit had not, and it was up to the higher courts to change the standards to be applied to programs like Koscot.

Full case and case summary also available online at: http://www.mlmlegal.com/legal-cases/SEC_v_KoscotInterplanetary365FSupp588-1973Dist-Ct.php

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

Reference Info:Federal, 11th Circuit, Georgia | United States

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Babener & Associates | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

CONNECT

Welcome to MLM Legal - a valuable resource to the Multi-Level Marketing and Direct Sales Industry. ... View Profile »


Follow Babener & Associates:

Reporters on Deadline

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×
×