Can a defendant be convicted of unlawful sale of unregistered securities?

State v. Simons, 193 Or. 274, 238 P.2d 247. Defendant was convicted of unlawful sale of unregistered securities. In [188 Cal.App.2d 390] the course of the opinion it is said: (238 P.2d at pages 254-255) 'It is argued that, because of evidence that defendants intended at some future time to organize the subscribers as a limited partnership under Oregon law, we must construe the Securities Law with that fact in view. The weakness of the argument lies in the fact that we are not considering the actions of a group of persons voluntarily associated together in a joint venture, but rather a sale of securities to persons indiscriminately selected and having no bond of union other than the fact that they had money and the gambling instinct * * *. The use of the provisions of the Limited Partnership Act * * * as a cloak to legalize the acts of the defendants in this case is an inadmissible expedient * * *.'