Mr. Teche is an agent with broker-dealer CanDo, and his only compensation is the commissions he earns on trades he executes. He has applied for and been granted an adjunct teaching position with a local university that will allow him to earn money while he is establishing himself.

Which of the following statements are true?

The Administrator of a state can deny an application if

An investment adviser or its representative may

While on vacation in Colorado, Massachusetts resident Ms. Jetset meets Mr. Snow, a registered representative with a Colorado broker-dealer, on a ski lift and accepts a dinner engagement with him later that evening, during which he obtains her cell phone number. A week later, while she is lounging around in her Florida beach condo, he calls and interests her in a local software company that is selling its preferred stock to investors and encourages her to buy it. Ms. Jetset tells Mr. Snow she’ll think about it and calls him after she returns to her home in Massachusetts to tell him to buy the stock for her and sends him a check via express mail. Later, Ms. Jetset learns that the preferred stock certificate that she received is-and always was-a worthless piece of paper, and that, in fact, no such company ever existed.

Which state Administrator has jurisdiction in this instance?

I. the Administrator of the state of Colorado

II. the Administrator of the state of Florida

III. the Administrator of the state of Massachusetts

George Geek is a computer programmer who tired of working for others and started his own company. He convinced forty investors that he could design software that would rival Microsoft, and sold them each a 10% partnership interest in his firm for $25,000. He designed and printed up the partnership certificates himself. George told the investors that he had a product that was on the verge of being marketable and that when it did-within the next two months-revenues would pour into the company, and he would begin paying dividends. He told them they could expect a 20% return on their money this year, with even higher returns in the years to come. As it turned out, George wasn’t quite the programmer he thought he was, and he wasn’t able to get all the bugs out of the program to make it marketable within the promised two months.

Within a year, George had tired of the project and was too busy picking up chicks in his new Corvette when he wasn’t on the island of St. Bart overseeing the construction of his new beach mansion-and picking up chicks. His activities, of course, were financed by the extremely generous “salary” he paid himself from the investors’ monies.

Under the Uniform Securities Act, do the investors have any civil claims against George?

To continue operating as an agent, broker-dealer, investment adviser, or investment adviser representative next year, you must pay the filing fee to renew your license with the state Administrator by

The state official who has regulatory authority over the securities industry within the state is known as the

The trade confirmation must be received by the customer no later than

A broker-dealer is required to keep his records for how long?

Which of the following conditions is necessary for an act involving securities fraud to be considered criminal and subject to criminal penalties?