Sec v. Commodity Options International, Inc.

553 F.2d 628 Fed. Sec. L. Rep. P 96,072 SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellee, v. COMMODITY OPTIONS INTERNATIONAL, INC., a California Corporation, Double Option Systems, Inc., a California Corporation, Josef Rotter, Individually and as president and director of Commodity Options International, Inc., and Double Option Systems, Inc., C. R. Richmond & Co., a California Corporation, and Curtis R. Richmond, Individually and as president and director of C. R. Richmond & Co., Defendants-Appellants. No. 75-2385. United States Court of Appeals, Ninth Circuit. May 10, 1977. Darrell L. Johnson, Lindholm & Johnson, Los Angeles, Cal., for defendants-appellants. David Ferber, Frederic T. Spindel, Howard B. Scherer, Attys., Securities Exchange Commission, Washington, D. C., Charles R. Hartman, III, Los Angeles, Cal., argued for plaintiff-appellee. On Appeal from the United States District Court for the Central District of California. Before MERRILL, ELY and CHOY, Circuit Judges. MERRILL, Circuit Judge: 1 The sole question presented by this appeal is whether naked double options to buy and sell commodity futures contracts are investment contracts and thus are…