I was sold stock in a private company, Nevada based now - Delaware when purchased. I was told there would be no salaries by BOD and no delusion of stock. They did not follow solicitation laws,... formal request letters, guarantees, quoted yielding, no compliance package from investors, they sugarcoated details to investors…unrealistic yields, no risks, with no disclaimers on communications to investors. Never mentioned loosing everything / worst case scenarios / no-full disclosure...where should I start for legal proceedings...SEC or lawyer...other?
2 Answers from Attorneys
This sound most unusual. How much did you lose? Is the company still active? Generally speaking, such a company has the burden of proof that they have an exemption to registration. That is why they have written private placement memorandums and subscription agreements, etc. Are you an accredited investor? I can explain if you don't know the definition. Unfortunately, the regulators do not recover lost money for investors. Was there a financial intermediary or stockbroker or did you buy directly from the company.
Contact the Indiana Securities Division of the Secretary of State's Office. http://www.in.gov/sos/securities/
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