Robert bought undeveloped land in Monroe County and created a limited liability company to develop it$.$ The property, called Pleasantville, was divided into six lots: Robert obtained investors for the development by telling them they would earn $12$ to $15$ percent interest on their investment and be repaid in full within a specified time. The property was never developed, the investors were never paid, and a substantial part of the funds provided by investors were used to pay Robert. Robert was convicted of securities fraud. On appeal, which of the following is likely?