Mr. Justice Brennan delivered the opinion of the Court. The question presented in this case is whether § 17 (a)(1) of the Securities Act of 1933, 48 Stat. 84 , as amended, 68 Stat. 686 , 15 U. S. C. § 77q (a)(1), prohibits frauds against brokers as well as investors. We hold that it does…
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