$32\mathrm{.}1$ Definition of Security Dare To Be Great, Inc. $($Dare$),$ was a Florida corporation that was

wholly owned by Glenn W$.$ Turner Enterprises, Inc. Dare offered self$-$improvement courses

aimed at improving self$-$motivation and sales ability. In return for an investment of money, the

purchaser received certain tapes, records, and written materials. In addition, depending on the

level of involvement, the purchaser had the opportunity to help sell the Dare courses to others

and to receive part of the purchase price as a commission. There were four different levels of

involvement.

The task of salespersons was to bring prospective purchasers to "Adventure Meetings." The

meetings, which were conducted by Dare people and not the salespersons, were conducted

in a preordained format that included great enthusiasm, cheering and charming, exuberant

handshaking, standing on chairs, and shouting. The Dare people and the salespersons

dressed in modern, expensive clothes, displayed large sums of cash, drove new expensive

automobiles, and engaged in "hard$-$sell" tactics to induce prospects to sign their name and

part with their money. In actuality, few Dare purchasers ever attained the wealth promised. The

tape recordings and materials distributed by Dare were worthless. Is this sales scheme a

"security" that should have been registered with the SEC? Securities and Exchange

Commission v$.$ Glenn W$.$ Turner Enterprises, Inc., $474$ F$\mathrm{.}2$d $476,$ Web $1973$ U$.$S$.$ ApLexis

$11903($United States Court of Appeals for the Ninth Circuit$)$