Sixth Circuit -- SEC v. Sierra Brokerage Services, Inc

SEC shift in theory of the case at the summary judgment stage from fraud-based to non-fraud-based (investors as stockholders) did not unduly harm deft's ability to defend.

Broker was a control person under Rule 144, given shareholder agreement.

Stock powers made broker a beneficial owner of the securities.

Sufficient scienter for injunction.

SEC v. Sierra Brokerage Services, Inc