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Securities and Exchange Commission v. Kirkland
United States District Court for the Middle District of Florida
521 F. Supp. 2d 1281 (2007)
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
Holding and Reasoning (Antoon, J.)
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