Securities & Exchange Commission v. McGarry

SYMES, District Judge.

The Securities and Exchange Commission on April 27, 1944, during the progress of an investigation pursuant to its powers under § 20(a) of the Securities Act of 1933, 15 U.S.C.A. § 77t(a), and the power conferred upon it by § 19(b) of the said Act, 15 U.S.C.A. § 77s(b), entered an order which set forth (par. 2 thereof), that information received tended to show that respondents W. E. McGarry and Industrial Loan Corporation from May, 1941, to June, 1943, sold and delivered to members of the investing public certain securities issued by the respondent corporations; that in…