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Brothers Enjoined and Barred for Fraudulent Sale of Demand Notes
SEC v. James C. Mulholland, Jr. and Thomas S. Mulholland
- 2013
- $1 Million
Acting as unregistered broker-dealers, defendant brothers allegedly sold $2 million of demand notes to approximately 75 investors to fund their failing real estate business, which involved buying, maintaining, and renting residential real estate in Michigan. In so doing, the SEC found that defendants made false and/or misleading statements to the investors. And they went bankrupt very soon after selling the notes.
