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?

Robert cannot be convicted of securities fraud because the investment did not involve "securities."

The Howey test will most likely be inapplicable.

Robert's conviction will likely be upheld.

None of the above are true.