Securities & Exchange Commission v. Walter Wencke, the Butt Trust, the Sailor Trust, the Grape Institute Trust, the Grape Institute, Inc., Irreatum, Inc., Securities and Exchange Commission v. Walter Wencke, and Time-Lenders, Inc., Securities and Exchange Commission v. Walter Wencke, and Cathryn Wencke and Time-Lenders, Inc., Securities and Exchange Commission v. Walter Wencke, and San Diego Environmental Charitable Trust, Hawksfoot, Ltd., Zippe Ltd., Rinn Corp., Securities & Exchange Commission v. Walter Wencke, Cathryn Wencke, Santa Fe Financial, Time-Lenders

577 F.2d 619 SECURITIES & EXCHANGE COMMISSION, Appellee, v. Walter WENCKE, the Butt Trust, the Sailor Trust, the Grape Institute Trust, the Grape Institute, Inc., Irreatum, Inc., et al., Appellants. SECURITIES AND EXCHANGE COMMISSION, Appellee, v. Walter WENCKE et al., Defendants, and Time-Lenders, Inc., Appellant. SECURITIES AND EXCHANGE COMMISSION, Appellee, v. Walter WENCKE et al., Defendants, and Cathryn Wencke and Time-Lenders, Inc., et al., Appellants. SECURITIES AND EXCHANGE COMMISSION, Appellee, v. Walter WENCKE et al., Defendants, and San Diego Environmental Charitable Trust, Hawksfoot, Ltd., Zippe Ltd., Rinn Corp., et al., Appellants. SECURITIES & EXCHANGE COMMISSION, Appellee, v. Walter WENCKE, Cathryn Wencke, Santa Fe Financial, Time-Lenders, et al., Appellants. Nos. 77-1645 to 77-1648 and 77-2146. United States Court of Appeals, Ninth Circuit. June 29, 1978. Matthew T. Kissane (argued), of Strauss, Kissane & Davis, San Diego, Cal., for appellants. Paul Gonson, Associate Gen. Counsel (argued), Washington, D. C., for appellee. Appeal from the United States District Court for the Southern District of California. Before TUTTLE * , GOODWIN, and SNEED, Circuit…