Securities and Exchange Commission v. Offill

2012 U.S. Dist. LEXIS 9369, Fed. Sec. L. Rep. (CCH) ¶ 96,723 (2012)

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Securities and Exchange Commission v. Offill

United States District Court for the Northern District of Texas
2012 U.S. Dist. LEXIS 9369, Fed. Sec. L. Rep. (CCH) ¶ 96,723 (2012)

  • Written by Sharon Feldman, JD

Facts

Shane Mullholand, Ryan Reynolds, and certain of their companies (defendants) participated in taking six companies public. Mullholand and Reynolds purchased or received as compensation millions of shares and sold them for substantial sums. Timothy Page (defendant) took two of the companies public through one of his companies. Page bought millions of shares, and his company received shares for working on the offering. Page sold the shares through investment accounts he and Page Properties, LP (defendant) owned at brokerage firms. Acting through companies he controlled, Page also bought and sold three other companies’ shares. The Securities and Exchange Commission (SEC) (plaintiff) charged Reynolds and Mullholand and their companies, Page, Page Properties, and others with acting as unregistered brokers and dealers. The SEC moved for summary judgment. Page argued he was not a dealer because he was not involved in regular solicitations involving large dollar amounts.

Rule of Law

Issue

Holding and Reasoning (Fitzwater, J.)

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