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Bahamas Broker Gentile To Appeal SEC Non-Registration Verdict | Bloomberg Law

On Behalf of | Jul 3, 2024 | Firm News, Latest Significant Matters

Matthew Aaron Ford, Gentile’s attorney said the definition of solicitation in the jury instructions “completely nullifies the exemption.”

By defining solicitation to include “any affirmative act to induce a single transaction or ongoing business relationship,” the court created a situation where “foreign broker-dealers can’t have US clients,” Ford said. By that standard, simply creating an account username or sending a brokerage statement would be affirmative acts requiring registration with the SEC, he said.

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