Gradsky v. United States

TUTTLE, Chief Judge:

This is an appeal by ten codefendants from their convictions in a jury trial for violating the anti-fraud provisions of the Securities Act of 1933, 15 U.S.C.A. § 77q(a), and the Mail Fraud Statute, 18 U.S.C.A. § 1341, and conspiring to violate those laws, 18 U.S.C.A. § 371. The indictment charged a scheme under which the defendants sold to the public notes of Credit Finance Corporation, which were to return 12%, and later 8%, interest. This interest was stated to be produced by C.F.C.’s income from *150automobile loans and real estate transactions. The alleged scheme was that,…