Court of Appeals for the Second Circuit February 21, 1986, No. 85, Docket 85-6111 (Securities & Exchange Commission v. Drysdale Securities Corp.)

WINTER, Circuit Judge:

The Securities and Exchange Commission (“SEC”) appeals from an order of Judge Sweet of the United States District Court for the Southern District of New York dismissing its complaint, 606 F.Supp. 295. The complaint alleged that appellee had violated the antifraud provisions of the federal securities laws. Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C.