The agent of a broker-dealer registered in State A, sells unregistered non-exempt securities to customers in State A. These customers lose a substantial sum of money on the investment. Which statement is TRUE

The clients may initiate a civil lawsuit to recover their losses

Explanation:

It is assumed that the agent sold the securities with an intention to defraud. Under the Uniform Securities Act, the client may initiate a civil lawsuit so as to recover losses. Clients would sue based on the fact that the securities were unregistered and non-exempt while attempting to get back what they have lost in finance, attorney fees, and interest inclusive. These 3 damages are only applicable to insider trading.

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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