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United States Securities and Exchange Commission v. Zada

United States Court of Appeals, Sixth Circuit

May 21, 2015

UNITED STATES SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellee,
v.
JOSEPH PAUL ZADA; ZADA ENTERPRISES, LLC, Defendants-Appellants

Argued: March 12, 2015.

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Appeal from the United States District Court for the Eastern District of Michigan at Detroit. No. 2:10-cv-14498--Denise Page Hood, District Judge.

ARGUED:

N. C. Deday LaRene, LARENE & KRIGER, P.L.C., Detroit, Michigan, for Appellants.

Christopher Paik, SECURITIES AND EXCHANGE COMMISSION, Washington, D.C., for Appellee.

ON BRIEF:

N. C. Deday LaRene, LARENE & KRIGER, P.L.C., Detroit, Michigan, for Appellants.

Christopher Paik, SECURITIES AND EXCHANGE COMMISSION, Washington, D.C., for Appellee.

Before: BOGGS and KETHLEDGE, Circuit Judges; HELMICK, District Judge.[*]

OPINION

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KETHLEDGE, Circuit Judge.

Federal securities laws are broad enough to regulate " virtually any instrument that might be sold as an investment." Reves v. Ernst & Young, 494 U.S. 56, 61, 110 S.Ct. 945, 108 L.Ed.2d 47 (1990). Here, Joseph Zada sold fake investments in Saudi Arabian oil to dozens of unsuspecting victims. The SEC eventually discovered Zada's scheme and filed this civil-enforcement action, alleging that Zada violated provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The district court granted summary judgment to the SEC, ordering Zada to pay about $56 million in damages and a civil penalty of $56 million more. Zada now argues that the investments he sold were not securities and thus not subject to ...


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