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Quotation from SEC v. Edwards by Supreme Court of the United States
“We hold that an investment scheme promising a fixed rate of return can be an "investment contract" and thus a "security" subject to the federal securities laws.”
SEC v. Edwards, Opinion of the Court (Justice O'Connor), Part II (U.S. Reports text (Legal Information Institute))
Justice O'Connor states the holding of the unanimous Court.
Citation: "We hold that an investment scheme promising a fixed rate of return can be an "investment contract" and thus a "security" subject to the federal securities laws." — Supreme Court of the United States, SEC v. Edwards, Opinion of the Court (Justice O'Connor), Part II (U.S. Reports text (Legal Information Institute)). (id sec-v-edwards-q6)
Portrait: Sandra Day O'Connor crop, Library of Congress (Transferred by Sven Manguard,, Public domain.
