Securities and Exchange Commission v. Ishopnomarkup.com, Inc.

2007 U.S. Dist. LEXIS 70684 (Sept. 24, 2007)

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Securities and Exchange Commission v. Ishopnomarkup.com, Inc.

United States District Court for the Eastern District of New York
2007 U.S. Dist. LEXIS 70684 (Sept. 24, 2007)

Facts

Ishopnomarkup.com (defendant) sought to sell stock to potential investors. In doing so, Ishopnomarkup.com issued to potential investors confidential offering memoranda that contained information about the stock that was being offered. Ishopnomarkup.com stated that the stock was only being offered to investors who claimed to meet accreditation requirements. Ishopnomarkup.com also indicated that it relied on the advice of counsel in determining that the offerings were exempt from registration requirements. The Securities and Exchange Commission (SEC) (plaintiff) filed suit against Ishopnomarkup.com and moved for partial summary judgment, claiming that Ishopnomarkup.com had violated Section 5 of the Securities Act.

Rule of Law

Issue

Holding and Reasoning (Hurley, J.)

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