Saying certain words, yes. The “Howey Test” referenced by GP is based on a ruling from SEC v. W.J. Howey Co., which reached the Supreme Court in 1946: An inve

Saying certain words, yes. The “Howey Test” referenced by GP is based on a ruling from SEC v. W.J. Howey Co., which reached the Supreme Court in 1946: An investment contract exists if there is an "investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others." https://www.investopedia.com/terms/h/howey-test.asp https://www.investopedia.com/terms/h/howey-test.asp If the words sound like that, careful.