What is the name of your state? California.
I've just discoverd that a business that I was considering investing in was issued a desist and refrain order from the California department of Corportions. In which, the State ordered that this company (a Nevada corp) stop selling securities in the form or trust units and limited partnership interests.
This order was issued two years ago, but I know for a fact that they are still soliciting investors (over the phone). The business office that they are soliciting from is in California.
My questions are:
Is this company allowed to solicite investors in a form other than the trust units and the limited partnership interests listed in the desist and refrain order?
Does "in the state" mean they are not allowed to solicite investors from inside the state of California OR that they are not allowed to solicite investors located in the state of California, in which case out of state solicitiation would be OK.
If they are conducting business illegally, what kind of trouble can they get into?
Thanks
I've just discoverd that a business that I was considering investing in was issued a desist and refrain order from the California department of Corportions. In which, the State ordered that this company (a Nevada corp) stop selling securities in the form or trust units and limited partnership interests.
This order was issued two years ago, but I know for a fact that they are still soliciting investors (over the phone). The business office that they are soliciting from is in California.
My questions are:
Is this company allowed to solicite investors in a form other than the trust units and the limited partnership interests listed in the desist and refrain order?
Does "in the state" mean they are not allowed to solicite investors from inside the state of California OR that they are not allowed to solicite investors located in the state of California, in which case out of state solicitiation would be OK.
If they are conducting business illegally, what kind of trouble can they get into?
Thanks
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