Paid-publicity disclosure requirement of Securities Act is valid regulation of commercial speech

FIRST AMENDMENT United States v. Wenger, No. 04-4022, ___ F.3d ___ (10th Cir. Oct. 26, 2005)(Utah). Appeal of conviction for violation of 15 U.S.C. § 77q(b) for publicizing stock without disclosure of fact that publicity was purchased. HELD: Section 17(b) of Securities Act of 1933, 15 U.S.C. § 77q(b), making it unlawful to publicize a stock for consideration without disclosing fact and amount of payment, is valid regulation of commercial speech that does not violate First Amendment. Read the opinion here.