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What is Warfield v. Bestgen: Securities Law Appeal about?

This case involves charitable gift annuities sold by the Mid-America Foundation that turned out to be a Ponzi scheme. The district court found that the annuities were investment contracts subject to federal securities laws. On appeal, the Ninth Circuit affirmed, finding that the annuities met the three-part test to qualify as investment contracts under SEC v. W.J. Howey Co.: investors invested money in a common enterprise with the expectation of profits produced solely by the efforts of others. The court an

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