Securities and Exchange Commission v. Chinese Consolidated Benevolent Association, Inc.
United States Court of Appeals for the Second Circuit
120 F.2d 738 (1941)
Relevant factsFree
Chinese Consolidated Benevolent Association (defendant) organized a committee to arrange sales of Chinese government bonds to Chinese citizens in the New York area without registering the bonds; the SEC (plaintiff) sued for violating federal securities registration requirements, and the district court ruled for Chinese Consolidated, finding it was not an underwriter.
IssueFree
Whether an entity is considered an underwriter, requiring registration, if it purchases securities from an issuer to facilitate further distribution of those securities on the issuer's behalf.