In SEC V. Howey, the Supreme Court

In SEC v. Howey, the Supreme Court:

A) defined a security as an investment of money in a common enterprise with the expectations of profits being earned by the efforts of the investor
B) was concerned with penalizing a case of fraud of investors in a large stock scam; it resulted in federal securities legislation being passed
C) defined a security as an investment of money in a common enterprise with the expectation of profits being earned by the efforts of other persons
D) held the sale of plots of land in a development to be a security
E) none of the other choices

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