Great Western Land & Development, Inc. v. Securities And Exchange Commission

355 F.2d 918 GREAT WESTERN LAND & DEVELOPMENT, INC., Arizona Syndications, Inc., American Trust Co., Inc., Neve Allen Land & Investment, Inc., Mohave Investment Company, Inc., Allen Neve Enterprises, Inc., Pyramid Land, Inc., Toltec Land Corporation, Wayne H. Allen and E. J. Neve, Appellants, v. SECURITIES AND EXCHANGE COMMISSION, Appellee. No. 20228. United States Court of Appeals Ninth Circuit. Jan. 24, 1966. Chester Peterson, Rawlins, Ellis, Burrus & Kiewit, Phoenix, Ariz., for appellants. Philip A. Loomis, Jr., Gen. Counsel, Walter P. North, Associate Gen. Counsel, Ellwood L. Englander, Asst. Gen. Counsel, Daniel J. Goldberg, Atty., S.E.C., Washington, D.C., for appellee. Before HAMLEY, JERTBERG and MERRILL, Circuit Judges. MERRILL, Circuit Judge: 1 By summary judgment appellants were enjoined from continuing in practices found to constitute violations of sections 5(a) and 5(c) of the Securities Act of 1933 as amended, 15 U.S.C. 77e(a) and (c). The sole question we reach here is whether disposition by summary judgment was proper. We hold that it was not. 2 For the purposes of this opinion we accept the factual background as set forth by appellee. In brief, it is…