NOTICE - Securities Fraud In Tax Liens
A number of state securities departments have issued cease and desist orders to a large number of firms that are using the “Agent” purchasing system. Most of these firms are patterned after Tax Lien Agents, a firm run by Ned Majors, who was recently disbarred by the state of Georgia. The reason for the cease and desist orders is that these firms are violating securities selling laws and have failed to register the securities they are selling.
In the plans they describe the “agent” charges a fee up front to buy tax liens in the investor’s name and the “agent” participates in the profits of any real estate that ends up being acquired through the lien. The securities regulatory agencies have determined that these are securities and thereby are required to be registered. None of the firms in question have registered their offerings and are thereby operating in violation of the law.
If you have participated in one of these deals and it has not worked out to your satisfaction you should contact your local state securities department and make a complaint. Under the securities acts you are entitled to be made whole by anyone who sells unregistered securities to you, but it is imperative that you act quickly as the statute of limitations could bar your recovery. If you call your secretary of state in your state they will refer you to the department you need to contact to fill out a complaint.
All of these plans are illegal offerings of securities and at least six states are pursuing the firms in question and, supposedly, the Securities Exchange Commission is also involved.
Do you know which firm is in question? What should I search if I want to lookup the article?
It isn't one firm - there have been several that have been served. If you are dealing with a firm that uses an "agent" scheme where they buy in your name and they participate in the "back end" (profits from the real estate that is acquired if a lien does not redeem) then you are involved and should contact your state's securities regulatory agency.
Since you seem to know so much about these firms, can you list which they are, as I am involved with one and they have done nothing but achieve GREAT results and it would be unfortunate if you are recommending that ALL these firms are fraudulant as you claim of Tax Lien Agents, which I TOTALLY agree with. I have a number of the articles regarding the securities fraud issue and the "Agent" setup is not what is in question, but the practices behind the agency.
Hi,
What company are you using. I am looking for someone legal and good. Can you recommend them? Thank you. :-?
Where can we find articles about this???