Fed. Sec. L. Rep. P 99,048, 96 Cal. Daily Op. Serv. 1657, 96 Daily Journal D.A.R. 2812 Securities and Exchange Commission v. Interlink Data Network of Los Angeles, Inc. Interlink Fiber Optic Partners L.P. Interlink Video Phone Partners L.P. Michael Gartner

77 F.3d 1201 Fed. Sec. L. Rep. P 99,048, 96 Cal. Daily Op. Serv. 1657 , 96 Daily Journal D.A.R. 2812 SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellant, v. INTERLINK DATA NETWORK OF LOS ANGELES, INC.; Interlink Fiber Optic Partners L.P.; Interlink Video Phone Partners L.P.; Michael Gartner, Defendants-Appellees. No. 94-56173. United States Court of Appeals, Ninth Circuit. Argued and Submitted Feb. 8, 1996. Decided March 11, 1996. Paul Gonson, Solicitor, Washington, D.C., Christopher Paik, Senior Counsel, Securities and Exchange Commission, Washington, D.C., for plaintiff-appellant. Robert K. Wrede and Sue Ellen Smyle, Lewis, D'Amato, Brisbois & Bisgaard, Los Angeles, California, for defendants-appellees. Appeal from the United States District Court for the Central District of California Manuel L. Real, District Judge, Presiding, D.C. No. CV-93-03073-R. Before: POOLE, WIGGINS, and RYMER, Circuit Judges. WIGGINS, Circuit Judge: 1 The Securities and Exchange Commission ("SEC") brought this civil enforcement action against several defendants, including Interlink Data Network of Los Angeles, alleging securities fraud involving the sale of unregistered securities. In the early…