I only need case question 7 completed which is in the screenshot linked below outlined in blue.

Week Seven Assignments.html
Objectives-Chapter 18 
7.1  Define a Security and list its elements.
7.2  Identify and list the legal requirements for companies that issue securities.  
7.3  Identify and discuss the steps for trading securities and the regulations that apply to securities trading, to include the regulation of the stock market, the traders and the investors.
7.4  Define securities fraud and list its the elements.
7.5   List the provisions of the Sarbanes-Oxley Act and how it changed the way boards of directors for companies did business.  
7.6  Define insider trading and identify and list the penalties for being found guilty of it.  

This module aligns well with general objectives 1, 2, 3, 4, 5 and 7.
Important case for Chapter 18-United States v. Salman. This is a good discussion of what constitutes insider trading.
Todd v. Exxon, Corp. This case is another good discussion of the Sherman Act, but in this situation, employees sued several big oil companies saying they were conspiring to hold down salaries of managerial, professional and technical employees. 
Read Chapter Eighteen
Chapter 18 Assignment
On page 453 of your text, do case question #7 – City of Philadelphia v. Fleming Co., 264 F3d 1245, 10th Cir. (2001)  
In this case the court discusses in detail what a plaintiff in a securities fraud case has to show in order to prevail.  What evidence is required in order to show that the defendant “deliberately” made misleading statements or omissions to potential stockholders.   
Be sure to review the rubric for this assignment.  Chapter 18 Rubric

Also, complete the Discussion Board, which is a discussion of your favorite topic or chapter in this course. See the discussion board instructions.  Review the Discussion Rubric before you join the Discussion Board.  Discussion Rubric

Submission Instructions
The Chapter 18 assignment has a due date. The due date for Chapter 18 is Aug 1st will not accept it late.
Be sure to upload your files into the appropriate Dropbox.  You can access the dropboxes by going to Tasks in the top menu bar and selecting Dropboxes from the dropdown menu.


Chapter 18

Meiners, Ringleb and Edwards

The Legal Environment of Business, 13th Edition

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Corporate Finance
 May be debt (debt securities) of certain form
Note or bond that can be traded

 May be equity (equity financing)
Most famous are common stocks traded on New York Stock

Exchange, NASDAQ, etc.

 Securities provide capital for business operations

 Securities represented by
Pieces of paper
More commonly now, just electronic records

 Represent value in something real

Debt and Equity

When bonds are sold, there is an

issue of a certain amount

Bonds when traded are securities

Debt financing may also occur by
borrowing from large lenders
(e.g., insurance companies)

Instrument usually specifies:
Amount of debt
Length of period
Repayment method
Rate of interest charged


• Equity financing is raising funds
through sale of company stock

• Sale of company stock to
purchasers – (shareholders)

• Shareholders have claim to future
profits of company

• Company is not obligated to repay

• If openly traded, are securities

Origins of Securities Regulation

States began with blue sky laws to deter fraudulent securities

Most important Federal laws are:
 Securities Act of 1933
Regulates initial public offerings of securities

 Securities Exchange Act of 1934
Regulates trading in existing securities, disclosure

requirements, securities markets and professionals

Securities and Exchange Commission
 Agency responsible for enforcement and administration of

federal securities laws

What Is A Security?

Merely calling something a security does not make it

Have higher regulatory controls for securities

Four basic elements (Howey Test):
 Investment of money
 In a common enterprise
 With an expectation of profits
 Generated by efforts of persons other than the investors

Securities Exempt from Regulation

Securities issued or guaranteed by government
Federal, state or local

Securities issued by banks

Securities issued by religious and charitable organizations

Insurance policies

Annuity contracts

Offering Securities to Investors

1933 Act requires full disclosure of all material
information on security, issuers, and intended use of
money before sale to public.

Material information is relevant information an investor
would want to know:
 Background
 Executives
 Plan of operation (use of money raised)
Despite regulations, a lot of bogus securities are sold,
Latta case provides example.

Latta v. Rainey

From 2001 – 2004, Mobile Billboards of America (MBA) sold mobile
billboard “investmen

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