Bill and his brother-in-law, Tom, owned a small corporation. Tom was basically an investor, and Bill ran the entire business. As Tom became increasingly removed from day-to-day operations, Bill began to falsify some records so that he could take a greater share of the profits. This continued for years with Bill mailing falsified financial statements to Tom. When Bill suddenly became ill, Tom was forced to assume a greater role in the business on a temporary basis. During this time, Tom discovered the past deceptions and sued Bill under Rule l0b-5 of the Securities Exchange Act of 1934. Bill defended on the procedural ground that the business was local and had never been involved in interstate transactions of any kind. Moreover, the corporation was not listed on any stock exchange, nor did it have assets in excess of $10 million or 500 or more shareholders. Comment on the outcome of this case.