New Mexico v. Danek

What is the definition of a security for New Mexico State law purposes?

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The Court of Appeals held that the District Court had applied the correct definition of a security, and that the District Court's discretion concerning irregularities at trial should be respected. Danek was convicted on multiple counts of fraud and selling unregistered securities related to a pyramid scheme. The trial court granted a motion for a new trial after the jury voted inconsistently to convict on certain counts, and dismiss on others. The trial court based its ruling, in part, on the definition of a security. The District Court held that the definition of a security under New Mexico State law is the same a the definition of the Ninth Circuit in Glenn W. Turner, an investment of money with profits to come primarily from the efforts others.

Case and case summary are also available online at: http://www.mlmlegal.com/legal-cases/NewMexico_v_Danek-Ct_Appls.php

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Published In: MLM / Direct Sales Updates, MLM Consulting / Network Marketing Updates, Securities Updates

Reference Info: | United States

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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