M. Russell Ballard

[7] During the late 1950s, Ballard was recruited by the Ford Motor Company to become the first Edsel car dealer for Salt Lake City.[16] One highlight of Ballard's business career was his presidency of the Valley Music Hall in Bountiful, Utah, which offered family entertainment.There Ballard worked with Art Linkletter, Danny Thomas, Bob Cummings, and other Hollywood celebrities who were advisers to the enterprise.While processing the request, the SEC recommended that a separate company be created to handle issuance of stock, so Keystone Securities Corporation was established with Ballard as president.Without admitting or denying the charges, Keystone and Ballard settled the case by stipulating that the SEC could find them as having violated the acts through aiding and abetting Shasta.[23] In a testimony before a Senate subcommittee in 1965, the lawyer for Keystone and Ballard asserted that the SEC charges against Ballard were solely "to determine whether an underwriter can be charged vicariously with any wrongdoing of the issuing company," even though "Keystone had not participated in the preparation of the registration statement or sold any stock pursuant to the proposed public offering" of Shasta.[19] In 1966, a U.S. district court found the SEC guilty of acting in an arbitrary and capricious manner by announcing their charges against both Shasta and Keystone.
Signature of M. Russell Ballard
Ballard with his wife, Barbara, in 2017
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