State Ex Rel. Miller v. Pace

TERNUS, Justice.

The defendant, Edwin Pace, appeals a district court judgment finding he had violated various state laws in his marketing and sale of payphones, awarding monetary remedies and penalties, and granting in-junctive relief. He contends the district court erred (1) in ruling the program he sold — the sale and leaseback of payphones — was a security, and (2) in finding he was not entitled to the lack-of-knowledge defense available to “affiliates” under Iowa securities law. Pace also asserts the State failed to prove, he committed unlawful practices under Iowa’s consumer fraud law.…