1933 Act

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  • June 29, 2013 at 6:37 pm #178425
    barelystayingsane
    Member

    Hey guys…I had posted a question about this a while back, but I couldn’t get it resolved. In the Becker lectures, Olinto said that the antifraud sections of the 1933 Act (Sections 12 and 17) apply to unregistered/exempt securities. But later in the book, it says that the misstatement must be in the registration statement. Kinda confused how the antifraud sections would apply to an unregistered security if there’s no registration statement for the misstatement to be in. Does anyone know if Olinto or the book is correct?

    My exam is in two days! If anyone can help me out, I’d greatly appreciate it!!!!!!

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  • June 29, 2013 at 8:16 pm #424447
    rjcpa
    Participant

    Antifraud applied to securities even if they are not registered because they can still be sold to unaccredited investors. They will still be responsible for fraud in the statements.

    FAR - 10/3/12 - 86
    BEC - 11/27/12 - 70 1/14/13 - 81
    AUD - 4/4/13 - 87
    REG - 7/8/13 - 80

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