United States Fifth Circuit

Held that it could not be decided on summary judgment whether interests in several oil and gas drilling projects qualified as securities, as the Securities and Exchange Commission insisted they were. The SEC brought this civil enforcement action against several companies that sold the interests to investors without first registering them as securities. Reversed a summary judgment ruling and remanded.

Appellate Information

• Published 2019/01/07

Judges

• Stewart

Court

• United States Fifth Circuit

Counsel