Altman v. American Foods, Inc.

The record does not disclose whether the stock issue involved in this case has been registered under Florida’s uniform sale of securities law, Fla. Stat., ch. 517. It is quite clear, however, that it has not been registered under the Securities Act of 1933, 15 U.S.C.A., §§ 77a-77b. With this Act, Congress broadly prohibited the use of the mails and facilities of interstate commerce to sell a security not registered thereunder, unless the security itself is of a class specifically exempt, § 77c, or is involved in an exempt transaction as defined by the Act, § 77d. Any person claiming the…