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FINRA provides guidance on communications with the public concerning unlisted real estate investment programs

Katten Muchin Rosenman LLP
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USA
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May 10 2013

The Financial Industry Regulatory Authority (FINRA) has issued Regulatory Notice 13-18 (Regulatory Notice) to provide guidance to member firms on

Attorney's participation in a presentation to potential real estate investors did not create a duty actionable under Section 10(b) of the Exchange Act

Katten Muchin Rosenman LLP
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USA
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August 24 2012

The US Court of Appeals for the Seventh Circuit last week denied federal securities and related state law claims by a group of investors, which were brought against attorneys for statements made during a presentation regarding a potential real estate investment

SEC recoups bonus of former Beazer executive under Sarbanes-Oxley

Katten Muchin Rosenman LLP
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USA
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September 9 2011

On August 30, the Securities and Exchange Commission announced a settlement with the former chief financial officer of Beazer Homes USA to recover more than $1.4 million in bonus and stock profits that he received after the home builder filed fraudulent financial statements during fiscal year 2006

Claims of violation of federal and state securities acts against investment advisor dismissed

Katten Muchin Rosenman LLP
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USA
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October 16 2009

Plaintiff invested in defendants’ real estate fund “based on the advice of the defendants and defendants’ representation that she would have a direct security interest in real estate or equity interest in real estate that would secure her investment.”

D.C. Circuit holds limited partnership units to be securities

Katten Muchin Rosenman LLP
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USA
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August 28 2009

The plaintiffs, successors in interest to a publicly traded real estate investment trust (REIT) and its affiliated limited partnership (LP), appealed the dismissal of their complaint which asserted claims arising under Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5

Purchases of condominiums were not investment contracts under the federal securities laws

Katten Muchin Rosenman LLP
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USA
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April 17 2009

Plaintiffs, customers of defendant StellarOne Bank (StellarOne), brought an action against StellarOne and two individuals, alleging that defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by defrauding them into purchasing condominium units

Court grants motion to dismiss Section 10(b) federal securities law claim

Katten Muchin Rosenman LLP
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USA
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April 11 2008

The two individual defendants organized the plaintiff Republic Property Trust (REIT) and, as its Trustees, established subsidiary entities, including Republic Property Limited Partnership (RPLP

SEC proposes amendments to Form S-11

Katten Muchin Rosenman LLP
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USA
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December 20 2007

On December 14, the Securities and Exchange Commission published proposed amendments to Form S-11, a registration statement used by real estate entities to register securities offerings under the Securities Act of 1933

Condominium purchase agreements not “investment contracts” under securities law

Katten Muchin Rosenman LLP
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USA
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November 30 2007

A Florida District Court dismissed condominium purchasers’ claims brought under Section 10 and Rule 10b-5 of the Securities Exchange Act of 1934, finding that the purchase agreements were not “investment contracts” under the securities laws

National Association of Realtors requests broker-dealer exemption

Katten Muchin Rosenman LLP
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USA
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November 16 2007

The National Association of Realtors (NAR) has petitioned the Securities and Exchange Commission for exemption under Sections 15(a)(2) and 36(a) of the Securities Exchange Act of 1934 from the broker-dealer registration requirements for real estate brokerage firms and licensed real estate agents who sell individual tenant-in-common interests in real property (TIC Security) and receive a real estate advisory fee either from the purchaser or issuer of the TIC Security