Securities and Exchange Commission v. Insurance Securities

254 F.2d 642 SECURITIES AND EXCHANGE COMMISSION, Appellant, v. INSURANCE SECURITIES, Incorporated, Trust Fund Sponsored by Insurance Securities, Incorporated, Abe P. Leach, Ossian E. Carr, Arthur J. Lonergan, Roy A. Haight, and Leland M. Kaiser, as Attorney and Proxy for Investors of Trust Fund, Appellees. No. 15457. United States Court of Appeals Ninth Circuit. April 7, 1958. Thomas G. Meeker, Gen. Counsel, Aaron Levy, Sp. Counsel, Jule B. Greene, Atty., S. E. C., Washington, D. C., F. E. Kennamer, Jr., Atty., S. E. C., San Francisco, Cal., for appellant. Brobeck, Phleger & Harrison, Moses Lasky, Philip S. Ehrlich, San Francisco, Cal., Elwood Murphey, Oakland, Cal., Sullivan & Cromwell, Alfred Jaretzki, Jr., New York City, for appellees. Before STEPHENS, Chief Judge, and LEMMON and HAMLEY, Circuit Judges. HAMLEY, Circuit Judge. 1 The sale of stock of a company which acts as investment advisor and principal underwriter of an investment company gave rise to this action. Attacking this transaction, the Securities and Exchange Commission (Commission) brought this action for injunctive relief and an accounting. Authority to bring the suit, and the jurisdiction of the district…