United States Court of Appeals, District of Columbia Circuit. Argued May 18, 1992. Decided July 10, 1992. Los Angeles, California President's Night, April 18, 1991.
Money is always there but the pockets change.
For the reasons set out below, we affirm the trial court's opinion and preliminary injunction. According to the program's brochure, the purchaser of a PRA now obtains only instructional videotapes, the right to enroll in real estate courses and access to a computer listing service. Without making any finding on the matter, the district court suggested the possibility that the PRA program might still be orally promoted as an investment contract similar to its predecessors. 770 F.Supp. at 686. ILN also operates several subsidiaries including a real estate acquisition company, an educational scholarship service, a financial advisory service, a real estate brokerage service and a printing and graphics company.