Regional Properties, Inc. v. Financial and Real Estate Consulting Company

678 F.2d 552 (1982)

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Regional Properties, Inc. v. Financial and Real Estate Consulting Company

United States Court of Appeals for the Fifth Circuit
678 F.2d 552 (1982)

  • Written by Robert Cane, JD

Facts

Regional Properties, Incorporated (Regional) (plaintiff) was a real estate developer. Financial and Real Estate Consulting Company (Financial) (defendant) was a securities broker. Financial never registered as a broker-dealer with the Securities and Exchange Commission (SEC) as required by the Securities Exchange Act of 1934 (1934 act). Financial was operating as a broker in violation of the 1934 act. Financial sold several partnership interests to Regional. Regional eventually learned that Financial was not a registered broker, so Regional sought to rescind its contracts with Financial pursuant to § 29(b) of the 1934 act. Regional sued Financial. Financial asserted several equitable defenses against Regional’s claim. The district court failed to rule on Financial’s asserted defenses. Financial appealed.

Rule of Law

Issue

Holding and Reasoning (Rubin, J.)

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