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Schoenbaum v. Firstbrook. 405 F.2d 200

Published online by Cambridge University Press:  28 March 2017

Alona E. Evans
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Type
Judicial Decisions
Information
American Journal of International Law , Volume 64 , Issue 1 , January 1970 , pp. 175 - 178
Copyright
Copyright © American Society of International Law 1970

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References

1 268 F. Supp. 385 (S.D.N.Y., March 29, 1967); 62 A.J.I.L. 502 (1968). (Some footnotes by court omitted, others renumbered.)

2 Rule 3a 12-3, 17 C.F.R. §240, 3a 12-3 (1967) (cited by court).

3 Rule 17a-7, 17 C.F.R. §240, 17a (1967) (cited by court).

4 Sec. 30(b), 15 U.S.C. §78dd(b), provides: “The provisions of this title or of any rule or regulation thereunder shall not apply to any person insofar as he transacts a business in securities without the jurisdiction of the United States, unless he transacts such business in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate to prevent the evasion of this title.” (Quoted by court.)

5 405 F.2d 200 at 208.

6 Ibid. 208-209.

7 Sec. 10(b) provides: “It shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce or of the mails, or of any facility of any national securities exchange … (b) To use or employ in connection with the purchase or sale of any security registered on a national securities exchange or any security not so registered, any manipulative or deceptive device or contrivance in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors.” Rule 10b-5 provides: “It shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce, or of the mails or of any facility of any national securities exchange, (1) to employ any device, scheme, or artifice to defraud, (2) to make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading, or (3) to engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person, in connection with the purchase or sale of any security.” (Quotations by court.)

8 405 F.2d 200 at 213.

9 405 F. 2d 200 (2d Cir., May 29, 1968); p. 175 above.

10 405 F. 2d 215 at 218.

11 Quoted above, pp. 176-177.

12 405 F. 2d 215 at 221.