Fed. Sec. L. Rep. P 95,079 Milton E. Dupuy v. Clarence O. Dupuy, Jr.

DYER, Circuit Judge:

This appeal presents a narrow question of law — Does the making of intrastate telephone calls satisfy the jurisdictional requirement of “use of any means or instrumentality of interstate commerce” found in § 10 of the Securities Exchange Act of 1934, 15 U.S.C.A. § 78j, and Securities and Exchange Commission Rule 10b-5, 17 C.F.R. 240.10b — 5. The district court held that it did not, and granted the defendant’s motion for summary judgment on a complaint which alleged intrastate calls as the only basis for federal jurisdiction. We reverse and remand for further proceedings.

Pla…