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Securities Regulation Keyed to Cox
Mark v. FSC Securities Corp.
Citation:
870 F.2d 331 (1989)Facts
In 1984, IBC Arabian Investments, Inc., A.T. McColgan, Jr., and Laurence C. Leafer, as General Partners, issued limited-partnership interests in Malaga Arabian Limited Partnership as part of a series of investments in the Spanish Arabian horse industry. Various broker-dealers, including FSC Securities Corp., sold these interests. Mrs. Mark, employed by FSC as a registered representative, sold a partnership interest to herself and her husband for a total price of $66,552.00, consisting of a $6,500.00 down payment and promissory notes. FSC was to receive a two percent due-diligence fee and Mrs. Mark an eight percent commission. The offering memorandum was distributed widely, with copy numbers suggesting distribution to many more than the twenty-eight ultimate purchasers. Four broker-dealers were authorized to sell in eleven states, though testimony indicated ten to twenty broker-dealers actually participated. The twenty-eight purchasers resided in twelve different states and had no apparent relationship to each other or to the issuer.
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