Briefs are one page long per case (single spaces and 12 font) and have to be followed by IRAC format

a public offering. The Marks appealed. Simpson, Judge registration under the general language of Section 4(2). conditions include the general conditions not in dispute here, and the following specific conditions: (i) Limitation on number of purchasers. The issuer shall reasonably believe that there are no more than thirty-five purchasers of securities in any offering under this Section. experience in financial and business matters that he is capable of evaluating the merits and risks of the prospective investment. experience in financial and business matters. Q: What was done to determine if investors were, in fact, reasonably sophisticated? was. Q: Did you review the subscription documents that came in for the Malaga offering? A : No. Q: So do you know whether all of the investors in the Malaga offering met the suitability and sophistication requirements? page 45-15 A : I don't. documents simply do not amount to probative evidence, when it is the answers and information received from purchasers that determine whether the conditions of Rule 506 have been met. Judgment reversed in favor of the Marks; remanded to the trial court