United States Supreme Court

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SEC v. EDWARDS, 02-1196

An investment scheme promising a fixed rate of return can be an "investment contract" and thus a "security" subject to the federal securities laws. There is no reason to distinguish between promises of fixed returns and promises of variable returns when determining whether a particular scheme is an investment contract.

Appellate Information

  • Decided 01/13/2004
  • Published 01/13/2004



  • United States Supreme Court