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The name that is given to the law indicates the evil at which it is aimed, that is, to use the language of a cited case, "speculative schemes which have no more basis than so many feet of 'blue sky'"; or, as stated by counsel in another case, "to stop the sale of stock in fly-by-night concerns,
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to state official was justified because valuing securities is "a complex problem" and requires skill and expertise often not available to the individual investor. Justice McKenna wrote of checks on government abuse because, "an adverse judgment by the commissioner is reviewable by the courts."
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visionary oil wells, distant gold mines and other like fraudulent exploitations."
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McKenna, joined by White, Holmes, Day, Devanter, Pitney, Brandeis, Clarke
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