NAME:In the Matter of Robert Testa 1993 SEC LEXIS 2473 (September 29, 1993)FACTS: The principal of EMX, a development stage corporation, created EMF L.P. (EMF) toserve as a financing vehicle for EMX. EMF hired a registered broker-dealer (the “selling agent”)to raise funds by selling limited partnership. Testa, the principal of EMX, assisted the broker-dealer in drafting a solicitation letter and arranged to have the letter mailed using a commercialmailing list of between 80,000 and 95,000 physicians, which resulted in the sale of a fractionallimited partnership unit. Nearby 2,500 of the physicians who received the solicitation letterreturned the reply card requesting additional information. Each of them was sent by the sellingagent a package of materials, including offering materials for investment in EMF limited units.One-half of a limited partnership unit was subscribed for by an investor initially contactedthrough the solicitation letter.DISPOSITION OF LOWER COURTS:ISSUES: Whether Testa violated Sections 5(a) and 5(c) of the 1933 Act.
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U.S. Securities and Exchange Commission,Solicitation,solicitation letter,Robert Testa