Legal Opinion
Fed. Sec. L. Rep. P 93,355 Ella Milnarik v. M-S Commodities, Inc., an Illinois Corporation, and David S. Nelson
Court of Appeals for the Seventh Circuit
Decided March 13, 1972No. 18972PublishedCited by 98 opinions
1Opinion of the Court
STEVENS, Circuit Judge.
This appeal challenges the district court’s holding that a discretionary trading account in commodity futures is not subject to the registration requirements of § 5 of the Securities Act of 1933, 15 U.S.C. § 77e.
Plaintiffs deposited $13,662 with defendant Nelson on the understanding that he could use those funds at his discretion to trade commodity futures for the benefit of plaintiffs. Nelson made various trades on margin, resulting in a net loss greater than the amount deposited and, accordingly, made demand on plaintiffs for an additional $7,428. Plaintiffs then…
2Cases cited10 opinions
- Securities and Exchange Commission v. W. J. Howey Co.Supreme Court of the United States · 1946
- Tcherepnin v. KnightSupreme Court of the United States · 1967
- Securities & Exchange Commission v. Ralston Purina Co.Supreme Court of the United States · 1953
- Sinva, Inc. v. Merrill, Lynch, Pierce, Fenner & Smith, Inc.District Court, S.D. New York · 1966
- Continental Marketing Corporation v. Securities and Exchange CommissionCourt of Appeals for the Tenth Circuit · 1967
5 more not listed; retrieve them via the Exa API.
3Cited by98 opinions
- Merrill Lynch, Pierce, Fenner & Smith, Inc. v. CurranSupreme Court of the United States · 1982
- Fed. Sec. L. Rep. P 94,710 Securities and Exchange Commission v. Koscot Interplanetary, Inc.Court of Appeals for the Fifth Circuit · 1974
- Fed. Sec. L. Rep. P 96,500 David L. Goodman v. Sidney EpsteinCourt of Appeals for the Seventh Circuit · 1978
- Fed. Sec. L. Rep. P 94,724 Securities and Exchange Commission v. Continental Commodities CorporationCourt of Appeals for the Fifth Circuit · 1974
- Savino v. EF Hutton & Co., Inc.District Court, S.D. New York · 1981
93 more not listed; retrieve them via the Exa API.