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CALIFORNIA CORPORATE & SECURITIES LAW

Was This “Whiz Kid” An Investment Adviser?

Earlier this week, the Securities and Exchange Commission announced that a self-styled “stock trading whiz kid” and his Los Angeles, California company have agreed to pay $1.5 million to settle a complaint for violations of Rule 10b-5.  There is an odd disconnect between the SEC’s press release and its complaint.  The press release is headlined “stock newsletter fraud” and repeatedly refers to the…

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Are REITS Investment Advisers?

A REIT is an acronym for Real Estate Investment Trust, although the term more properly refers to tax status than a specific entity type.  For a variety of reasons, a REIT may involve several different types of entities.  The raison d’être of REITS is to provide a tax-preferred mechanism for investment in a professionally managed…

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California Gets Ready For SEC Hand-off of Midsized Advisory Firms

Department of Corporations Letter To Midsized Firms If you are an SEC registered investment adviser with assets under management of between $25 million and $100 million, you should check your mailbox for this October 7 letter from Commissioner Preston Dufauchard.  The Commissioner is sending this letter to those firms that are likely to be required to transition…

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