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Of Touting, Tweets and Advertising

Last month, the Securities and Exchange Commission issued this public statement warning about touting of securities by celebrities: Celebrities and others are using social media networks to encourage the public to purchase stocks and other investments.  These endorsements may be unlawful if they do not disclose the nature, source, and amount of any compensation paid, directly…

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You Might Be Surprised By Who Counts (And Who Doesn’t) In California

Many issuers continue to rely on California’s limited offering exemption to avoid the necessity of qualifying the offer and sale of their securities.  The exemption, found in Corporations Code Section 25102(f), requires that sales be made to not more than 35 persons.  Thus, it is important to know who counts and who doesn’t. Many out…

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Does California Really Limit Sellers To Not More Than 10 Sales In A 12 Month Period?

The Mentor Blog this week noted the publication of a recent study of Blue Sky exemptions covering private resales.  The study was prepared by SecondMarket, which describes itself as an “online marketplace for illiquid assets”.  The study was submitted to the North American Securities Administrators Association (NASAA) in support of SecondMarket’s push for adoption of a nationwide uniform exemption for…

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