SECURITIES AND EXCHANGE COMMISSION, APPLICANT-APPELLEE, v. ROBERT HOWATT ET AL., RESPONDENTS-APPELLANTS. No. 75-1150.United States Court of Appeals, First Circuit.Argued September 9, 1975. Decided October 31, 1975. Page 227 [EDITORS’ NOTE: THIS PAGE CONTAINS HEADNOTES. HEADNOTES ARE NOT AN OFFICIAL PRODUCT OF THE COURT, THEREFORE THEY ARE NOT DISPLAYED.] Page 228 Jeffrey M. Smith, Boston, Mass., […]