Securities Administrator v. College Assistance Plan (Guam), Inc.

700 F.2d 548 Blue Sky L. Rep. P 71,808 SECURITIES ADMINISTRATOR, Plaintiff-Appellee, v. The COLLEGE ASSISTANCE PLAN (GUAM), INC., Enrique A. Sobrepena, Jr., Rose Sobrepena, and Alexander Bernales, Defendants-Appellants. No. 82-4040. United States Court of Appeals, Ninth Circuit. Argued and Submitted Jan. 24, 1983. Decided Feb. 28, 1983. Paul J. Rodgers, Agana, Guam, for defendants-appellants. Roland Fairfield, Asst. Atty. Gen., Agana, Guam, for plaintiff-appellee. Appeal from the United States District Court for the Territory of Guam, Appellate Division. Before ELY and KENNEDY, Circuit Judges, and NIELSEN, * District Judge. PER CURIAM: I. FACTUAL BACKGROUND 1 This is a securities regulation case in which this Court is asked to interpret the term "investment contract" under the Guam Uniform Securities Act, Title XLI of the Government Code of Guam (1970). Plaintiff-Appellee, Securities Administrator for the Government of Guam ("Securities Administrator") sued in the Superior Court of Guam for injunctive relief and receivership of defendants-appellants, The College Assistance Plan (Guam), Inc. ("CAP"), alleging that its pre-need college tuition purchase plan is a security being sold…