Quotes · Quote card
Quotation from SEC v. W. J. Howey Co. by Supreme Court of the United States
“The test is whether the scheme involves an investment of money in a common enterprise with profits to come solely from the efforts of others.”
SEC v. W. J. Howey Co., Opinion of the Court (Justice Murphy) (U.S. Reports text (Wikisource))
Justice Murphy restates the test in its compact form while rejecting the Fifth Circuit's narrower approach.
Citation: "The test is whether the scheme involves an investment of money in a common enterprise with profits to come solely from the efforts of others." — Supreme Court of the United States, SEC v. W. J. Howey Co., Opinion of the Court (Justice Murphy) (U.S. Reports text (Wikisource)). (id sec-v-w-j-howey-co-q3)
Portrait: Justice Frank Murphy, Harris & Ewing, Public domain.
