Quimbee logo with url
From our private database of 14,300+ case briefs...

Securities and Exchange Commission v. Kirkland

United States District Court for the Middle District of Florida
521 F. Supp. 2d 1281 (2007)


Facts

Patrick Kirkland (defendant) obtained investments of over $70 million in senior triplexes he developed. Kirkland advertised the triplexes as investment opportunities and promised each purchaser a return on the investment. Investors had no control over their investments in the triplexes. The financial success of the triplexes was entirely dependent on Kirkland and his staff who retained total managerial control. Each investor signed a rental pooling agreement under which rents from all triplexes were pooled, and investors would receive rents even if their individual units were empty. Kirkland did not register these investments with the Securities and Exchange Commission (SEC) (plaintiff). The SEC brought suit against Kirkland, claiming he violated the Securities Act by failing to register the triplex offerings as securities. Kirkland claimed the offerings were real estate transfers not subject to the SEC’s jurisdiction.

Rule of Law

Issue

Holding and Reasoning (Antoon, J.)

What to do next…

  1. Unlock this case brief with a free (no-commitment) trial membership of Quimbee.

    You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.

  2. Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.

    Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.

Here's why 255,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 14,300 briefs, keyed to 191 casebooks. Top-notch customer support.
  • The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
  • Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
  • Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.