Securities & Exchange Commission v. Thomasson Panhandle Co.

PFIILLIPS, Circuit Judge.

On July 13, 1943, the Securities and Exchange Commission1 brought this action under § 20(b) of the Securities Act of 1933, 15 U.S.C.A. § 77t(b), to enjoin the Panhandle Company and Thomasson2 from engaging in acts and practices constituting violations of § 17(a) (2) and (3) of the Securities Act of 1933, 15 U.S.C.A. § 77q(a) (2, 3). In its complaint, the Commission alleged specific violations of the Act with respect to the sale of securities in two promotions, one known as the Wright and the other as the Tate. It further alleged that the defendants and each of them…