v3392-51

No. 21,146

In the

United States Court of Appeals

for the Ninth Circuit

Securities and Exchange Commission,

Plaintiff -Appellant,

vs.

National Securities, Inc., a corporation,

et al,

Defendants- Appellees.

Brief of Appellees

BICED

Lewis KocA Scoville Beauchamp & Linton jyiAD In IQⁱ'y

By John P. Frank

1. Gordon Olsen ^^.

Jeremy E. Butler mm. B. LUCK, Ci;R.'

114 West Adams Street

Phoenix, Arizona

Attorneys for Appellees

SORG PRINTING COMPANY OF CALIFORNIA, 346 FIRST STREET. SAN FRANCISCO 94105

MAf 1¹⁹⁶⁷

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