What are the elements of a RICO action based upon securities fraud?

The particular role that these elements will play in a RICO action will necessarily vary according to the type of racketeering activities which form the predicate acts (18 U.S.C. 1961(1)), and the type of prohibited activity under RICO (18 U.S.C. 1962). For example, in Holmes v. SIPC, supra, although it was unnecessary to resolve the issue, the court noted that the circuit courts of appeals were divided on the question whether a RICO action based upon securities fraud has the same standing requirements as a cause of action based directly upon securities fraud, namely, that the plaintiff be a purchaser or seller of the subject securities. (503 U.S. at p. ----, 112 S.Ct. at p. 1321, 117 L.Ed.2d at p. 549.) And in Reves v. Ernst & Young, supra, 507 U.S. at p. ----, 113 S.Ct. at p. ----, 122 L.Ed.2d at p. 540, the court held that while section 1962, subsections (a) and (b) may be applied to enterprise "outsiders," subsection (c) can be applied to only one who participates in some way in the operation or management of the enterprise itself, although subsection (c) is not limited to upper management or official positions.