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Securities Regulation Keyed to Coffee
Securities and Exchange Commission v. McDonald Investment Co.
Facts
As president and treasurer of McDonald Investment Company, McDonald also owned all of the Minnesota corporations stock. The corporation had its only business office in Minnesota, where all the company records and books are kept. McDonald registered an offering of $4 million of installment notes with the securities division of the State of Minnesota, with the sales of the notes made available to Minnesotans exclusively. The buyers of the notes had an unsecured debt responsibility to the company and profits from said note sales went to developers outside of Minnesota, with security taken from them in terms of mortgages or other liens favorable to the company. The company felt that while they never filed with the SEC, the interstate mails would be utilized as part of the offering. Prior registration by McDonald involved the sale of notes protected by lien land contracts in Arizona, without SEC registration, where McDonald was prohibited from continuing.
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