An unfair competition claim brought against a stockbroker under California Business & Professions Code section 17200 must be dismissed on summary judgment because it is based on securities transactions. This was the February 25, 2011 ruling of the U.S. District Court for the United States District Court in San Francisco Residence Club v. Amado, 2011 U.S. Dist. LEXIS 19230 (unpublished).
The case involved allegations that the broker advised the plaintiffs invest in tenant-in-common and membership-interest agreements involving real estate. The plaintiffs alleged that the broker helped conceal important facts about the developers, their lenders, and the rue value of the investment, and that he did so to profit personally from the investments. The plaintiffs alleged, among other things, violations of section 12(a)(1) of the 1933 Act and section 17200 of the Business & Professions Code.
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