4 ms·
No they aren’t. “The respondent companies are offering something more than fee simple interests in land…they are offering an opportunity to contribute money an
by Godel_unicode 4y ago
No they aren’t.
“The respondent companies are offering something more than fee simple interests in land…they are offering an opportunity to contribute money and to share in the profits of a large citrus fruit enterprise.”
https://recaldelaw.com/do-security-regulations-cover-real-estate-investments/ https://recaldelaw.com/do-security-regulations-cover-real-es...
- simple-thoughts 4y agoYes, the courts don’t support the SEC interpretation of the Howey test, and the SEC has repeatedly lost in court. Your point is?
- Godel_unicode 4y agoMy point was 3 words. Which one do you not understand?
- simple-thoughts 4y agoSomething can both pass the Howey test and be considered a security by the SEC, but simultaneously fail to be a security in court.
- Godel_unicode 4y agoBy not passing the Howey test. Which they don’t, according to the only people whose opinion matters. The SEC doesn’t get a vote.
- simple-thoughts 4y agoYes, so the SEC guidance is irrelevant, and is just fear mongering to get people to pay fines they don’t actually need to pay.
- Godel_unicode 4y agoThat is correct.