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Quotation from SEC v. W. J. Howey Co. by Supreme Court of the United States
“I find nothing in the Securities Act to indicate that Congress meant to bring every innocent transaction within the scope of the Act simply because a perversion of them is covered by the Act.”
SEC v. W. J. Howey Co., Dissent of Justice Frankfurter (U.S. Reports text (Wikisource))
Justice Frankfurter warns against treating an honest land sale as a security merely because similar arrangements could be used for evasion.
Citation: "I find nothing in the Securities Act to indicate that Congress meant to bring every innocent transaction within the scope of the Act simply because a perversion of them is covered by the Act." — Supreme Court of the United States, SEC v. W. J. Howey Co., Dissent of Justice Frankfurter (U.S. Reports text (Wikisource)). (id sec-v-w-j-howey-co-q6)
Portrait: Justice Frank Murphy, Harris & Ewing, Public domain.
