Legal Opinion
Securities and Exchange Commission v. Belmont Reid & Company, Inc., John Disterdick, Bernard Zahren, and Walter Skrondal
Court of Appeals for the Ninth Circuit
Decided July 18, 1986No. 85-2311PublishedCited by 18 opinions
1Opinion of the Court
SNEED, Circuit Judge:
The Securities and Exchange Commission (SEC) appeals from the district court’s grant of summary judgment in favor of defendants John Disterdick, Bernard Zah-ren, and Walter Skrondal. The SEC contends that the defendants’ sale of gold coins on a prepayment basis was actually an investment contract, and therefore a security. We affirm.
I
FACTS AND PROCEEDINGS BELOW
The economic conditions out of which this case developed were those of the late 1970s and early 1980s, during which time the inflation rate was high and the demand for gold as a hedge against inflation was strong.…
2Cases cited10 opinions
- Securities and Exchange Commission v. W. J. Howey Co.Supreme Court of the United States · 1946
- United Housing Foundation, Inc. v. FormanSupreme Court of the United States · 1975
- Tcherepnin v. KnightSupreme Court of the United States · 1967
- International Brotherhood of Teamsters v. DanielSupreme Court of the United States · 1979
- Landreth Timber Co. v. LandrethSupreme Court of the United States · 1985
5 more not listed; retrieve them via the Exa API.
3Cited by18 opinions
- Gerald M. Hocking v. Maylee Dubois and Vitousek & Dick Realtors, Inc., a Hawaii CorporationCourt of Appeals for the Ninth Circuit · 1989
- Securities and Exchange Commission v. R.G. Reynolds Enterprises, Inc. Richard ReynoldsCourt of Appeals for the Ninth Circuit · 1991
- Lockary v. KayfetzCourt of Appeals for the Ninth Circuit · 1990
- Lockary v. KayfetzCourt of Appeals for the Ninth Circuit · 1990
- Gerald M. Hocking v. Maylee Dubois and Vitousek & Dick Realtors, Inc., a Hawaii CorporationCourt of Appeals for the Ninth Circuit · 1988
13 more not listed; retrieve them via the Exa API.