Securities & Exchange Commission v. Investment Bankers of America, Inc.

YOUNGDAHL, District Judge.

The Securities and Exchange Commission has moved for a preliminary injunc-

tion to restrain the defendant corporation, a registered broker-dealer, from operating its over-the-counter securities business. 1 The motion is based on the S. E. C.’s contention that the defendant has violated Rule 15c3-l (17 C.F.R. 240, 15c3-l), promulgated under the Securities Exchange Act of 1934, by not satisfying the rule’s capital requirement standard. More specifically, the Commission contends that the defendant has allowed its “aggregate indebtedness” to exceed 2,000 per centum of its…