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Question
Carmen Company wants to make an offering of securities exempt from registration under Rule 505 of the Securities Act of 1933. In order to do this, Carmen:
A. may sell to 50 unaccredited purchasers.
B. may sell to any number of accredited purchasers.
C. may only sell to purchasers sophisticated in investment matters.
D. cannot restrict resale of securities for one year.
Answer
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Related questions
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The maximum penalty for a criminal violation of the 1933 Act is a:
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B. $10,000 fine and five years' imprisonment.
C. $20,000 fine and five years' imprisonment.
D. $10,000 fine and one year imprisonment.
Q:
Nast Corp. orally engaged Baker & Co., CPAs, to audit its financial statements. The management of Nast informed Baker that it suspected the accounts receivable were materially overstated. Although the financial statements audited by Baker did, in fact, include a materially overstated accounts receivable balance, Baker issued an unqualified opinion. Nast relied on the financial statements in deciding to obtain a loan from Century Bank to expand its operations. Nast has defaulted on the loan and has incurred a substantial loss. If Nast sues Baker for negligence in failing to discover the overstatement, Baker's best defense would be that:
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Q:
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A. An accountant who prepares and audits financial statements of companies.
B. A consultant who gives advice to companies for improving performance.
C. A securities broker who provides investment advice to retail investors.
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