McElfresh v. State

ADAMS, J.:

This is an appeal from a judgment of conviction against appellant as a dealer in securities under the Securities Act of 1939. The material part of the agreement is as follows:

“Whereas, the said McElfresh Railroad Operating System for Terminal and Yard Operation has been carefully studied by Railroad Officials and Statesmen who have highly recommended the said McElfresh Railroad Operating System for Terminal and Yard Operation as an improvement over the System now employed by the Railroads, and

Whereas, the said party of the first part is desirous of securing funds for organization…