NORMAN, Okla., July 9 /PRNewswire/ -- The Public Investors Arbitration Bar
Association (PIABA) has filed a "Friend of the Court" brief with the United
States Supreme Court in support of the request of the Securities and Exchange
Commission that the Court reverse a recent decision of the Eleventh Circuit
Court of Appeals which excepts from the federal securities laws certain "sale-
leaseback" schemes in which hundreds of investors have lost millions of
dollars. The case is United States Securities and Exchange Commission v ETS
Payphones, Inc. and Charles E. Edwards.
"The Eleventh Circuit's decision in ETS elevates form over substance and
is contrary to the intent of the federal securities laws to protect investors
from the myriad schemes devised to part investors from their money," said J.
Pat Sadler of Atlanta, Georgia, current President of PIABA. "If the decision
is allowed to stand, it will serve as a roadmap for other perpetrators of
these types of schemes to avoid prosecution under the federal securities
laws," Sadler added.
PIABA's brief to the Court was authored by PIABA member and Professor
Emeritus of law at the University of Oklahoma Law School, Joseph C. Long.
PIABA is a national, non-profit bar association of over 600 attorneys
established in 1990 and dedicated to the representation of public investors in
disputes with the securities industry.
For further information, contact J. Pat Sadler at 770-587-2570 or
jps@sandhlaw.com.
SOURCE Public Investors Arbitration Bar Association
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CONTACT:
J. Pat Sadler of PIABA, +1-770-587-2570,
jps@sandhlaw.com
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