Home
Criminal Defense Felony Defense DUI Defense Drug Possession Traffic Citation White Collar Crime Computer Crimes Scientific Evidence
Contact Info Graham Syfert Biography News Articles Service Location Blog
Car Accident Lawyer
Menu
904-383-7448
F.S. 517.07 on Google Scholar

F.S. 517.07 on Casetext

Amendments to 517.07


The 2022 Florida Statutes (including 2022 Special Session A and 2023 Special Session B)
Title XXXIII
REGULATION OF TRADE, COMMERCE, INVESTMENTS, AND SOLICITATIONS
Chapter 517
SECURITIES TRANSACTIONS
View Entire Chapter
F.S. 517.07 Florida Statutes and Case Law
517.07 Registration of securities.—
(1) It is unlawful and a violation of this chapter for any person to sell or offer to sell a security within this state unless the security is exempt under s. 517.051, is sold in a transaction exempt under s. 517.061, is a federal covered security, or is registered pursuant to this chapter.
(2) No securities that are required to be registered under this chapter shall be sold or offered for sale within this state unless such securities have been registered pursuant to this chapter and unless prior to each sale the purchaser is furnished with a prospectus meeting the requirements of rules adopted by the commission.
(3) The office shall issue a permit when registration has been granted by the office. A permit to sell securities is effective for 1 year from the date it was granted. Registration of securities shall be deemed to include the registration of rights to subscribe to such securities if the application under s. 517.081 or s. 517.082 for registration of such securities includes a statement that such rights are to be issued.
(4) A record of the registration of securities shall be kept by the office, in which register of securities shall also be recorded any orders entered by the office with respect to such securities. Such register, and all information with respect to the securities registered therein, shall be open to public inspection.
(5) Notwithstanding any other provision of this section, offers of securities required to be registered by this section may be made in this state before the registration of such securities if the offers are made in conformity with rules adopted by the commission.
History.—s. 6, ch. 14899, 1931; CGL 1936 Supp. 6002(7); s. 3, ch. 24066, 1947; s. 11, ch. 25035, 1949; ss. 12, 35, ch. 69-106; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 2, ch. 78-435; ss. 5, 15, ch. 79-381; ss. 4, 5, ch. 80-254; ss. 2, 3, ch. 81-318; s. 1, ch. 83-201; s. 5, ch. 85-165; s. 6, ch. 86-85; ss. 14, 15, ch. 90-362; s. 4, ch. 91-429; s. 4, ch. 97-224; s. 587, ch. 2003-261.

Statutes updated from Official Statutes on: March 07, 2023
F.S. 517.07 on Google Scholar

F.S. 517.07 on Casetext

Amendments to 517.07


Arrestable Offenses / Crimes under Fla. Stat. 517.07
Level: Degree
Misdemeanor/Felony: First/Second/Third

517.07 - PUBLIC ORDER CRIMES - VIOLATE REGULATIONS REGARDING SECURITIES - F: T
517.07 1 - PUBLIC ORDER CRIMES - SELL UNREGISTERED NONEXEMPT SECURITY - F: T
517.07 2 - PUBLIC ORDER CRIMES - FAIL PROVIDE PROSPECTUS MEETING REQUIREMENTS - F: T

Civil Citations / Citable Offenses under S517.07
R or S next to points is Mandatory Revocation or Suspension

Current data shows no reason a civil citation or a suspension or revocation of license should have been issued under Florida Statute 517.07.

Annotations, Discussions, Cases:

  1. Temple v. Gorman

    201 F. Supp. 2d 1238 (S.D. Fla. 2002)   Cited 22 times
    Plaintiffs claim that Defendants' sale of unregistered securities violated Florida's securities registration requirements. Thus, the Court must consider whether Florida law is preempted by NSMIA. As amended in 1997, Florida law provides, "It is unlawful and a violation of this chapter for any person to sell or offer to sell a security within this state unless the security is exempt under § 517.051, is sold in a transaction under § 517.061, is a federal covered security, or is registered pursuant to this chapter." FLA. STAT. § 517.07 (Supp. 2001).
    PAGE 1243

  2. State v. Buchman

    361 So. 2d 692 (Fla. 1978)   Cited 19 times
    The respondents (Buchman and Horne) characterize the lack of an exemption as an element of the offense of sale of an unregistered security, as defined in Section 517.07, Florida Statutes. If their characterization is correct then the statute plainly threatens denial of liberty without due process of law. For a prosecutor must prove every element of a criminal offense. The answer to the respondent's argument is a simple one. As a general rule, if there is an exception within the enacting clause defining a crime, the state must show that the defendant is not within the exception. But, if the exception is in a subsequent clause, or a subsequent statute, that is a matter of defense, to be shown by the defendant. Without engaging in the mental gymnastics of what effect the lack of the exemption is to have, based on its placement in the statute, we choose to look to the Legislature's intent. We cannot divine from the statute the legislative intent that lack of an exemption is an element of the offense. In examining the statute we construe it with Section 517.17, Florida Statutes. Our determination is that the lack of an exemption is not an element of the offense, rather the…
    PAGE 695

  3. Millstein v. Holtz

    No. 21-CV-61179-RAR (S.D. Fla. Sep. 1, 2022)
    Fla. Stat. § 517.07(1) prohibits the sale of unregistered securities while Fla. Stat. § 517.12(1) prohibits dealers who are not registered to sell securities from selling registered or unregistered securities. Schwartz claims that these counts must be dismissed as to him specifically because “Mr. Schwartz was merely a back-room finance employee at Centurion, and had no part in the sales and offering of securities at the PPEs where Plaintiff allegedly invested.” Mot. at 13. Based on the aforementioned conduct, and the court's holding in Whigham, 500 So.2d at 1380, both the allegations that Schwartz was one of the principal architects in the sale of the notes by the SH Enterprise, and the fact that he negotiated the repayment terms of the note, is sufficient to plausibly allege a violation of Fla. Stat. § 517.07(1) and Fla. Stat. § 517.12(1). Accordingly, these counts survive Schwartz's Motion to Dismiss.
    PAGE 8

  4. Bavelis v. Doukas (In re Bavelis)

    773 F.3d 148 (6th Cir. 2014)   Cited 20 times
    The Florida Securities and Investor Protection Act, codified in Chapter 517 of the Florida Statutes, was designed to protect investors from deceitful practices related to the sale of securities. Edwards v. Trulis, 212 So.2d 893, 895 (Fla.Dist.Ct.App.1968). Several subsections of Chapter 517 are relevant here. Section 517.07 lays out the registration requirements for the sale of securities, while § 517.061 exempts certain securities from those requirements. If a security does not fall under one of the exemptions of § 517.061, the sale of that security is unlawful unless it has been registered. Fla. Stat. § 517.07. Unlawful sales trigger the remedies set forth in § 517.211. One of those remedies is that “[e]ach person ... [who] has personally participated or aided in making the sale ... is jointly and severally liable to the purchaser in an action for rescission.” Fla. Stat. § 517.211(1).
    PAGE 158

  5. Wojnowski v. State

    98 So. 3d 189 (Fla. Dist. Ct. App. 2012)   Cited 3 times
    Respondents ... Wojnowski [et al.] ... are liable on all of the claims asserted by Claimants, as follows: (1) as to misrepresentation, Respondents are in violation of Florida Statute § 517.301; (2) as to violation of [chapter] 517, Respondents sold unregulated securities in violation of § 517.07; (3) as to breach of fiduciary duty, Respondents violated FINRA Rule 2310, and breached their fiduciary duty by not using due diligence and by selling Claimants unsuitable securities; and, (4) as to failure to supervise, Respondents breached FINRA Rule 3010 by the failure to properly supervise. The claimants were awarded $100,000 in compensatory damages, and $40,000 in punitive damages, for which all seven respondents were jointly and severally liable. The circuit court for the Fifteenth Judicial Circuit in Palm Beach County, Florida, subsequently rendered a final judgment confirming the arbitration award.
    PAGE 190

  6. Wojnowski v. State of Fla. Office of Fin. Regulation

    CASE NO. 1D11-6767 (Fla. Dist. Ct. App. Sep. 13, 2012)
    Respondents . . . Wojnowski [et al.] . . . are liable on all of the claims asserted by Claimants, as follows: (1) as to misrepresentation, Respondents are in violation of Florida Statute §517.301; (2) as to violation of [chapter] 517, Respondents sold unregulated securities in violation of §517.07; (3) as to breach of fiduciary duty, Respondents violated FINRA Rule 2310, and breached their fiduciary duty by not using due diligence and by
    PAGE 3

  7. Coexist Found., Inc. v. Fehrenbacher

    Case No. 11 cv 6279 (N.D. Ill. Mar. 28, 2014)   Cited 4 times
    Section 517.07 states that it is unlawful to sell or offer to sell a security unless it is registered, is a federal security or falls within certain exemptions. Fla. Stat. §517.07(1). Therefore, Coexist must establish that: (1) the transactions at issue constitute securities; (2) the securities were not registered with the State of Florida; and (3) Defendants sold the unregistered securities. See Scheck Investments, L.P. v. Kensington Mgmt., Inc., 2009 WL 1916501 at *3 (S.D. Fla. July 2, 2009). "Whether a particular investment constitutes a security depends on the facts and circumstances of each individual case." Venezia v. Sunrise View, Inc., 93 So. 3d 1051, 1052 (Fla. Dist. Ct. App. 2012). A security is broadly defined by statute, but has been found to include "a contract, transaction or scheme whereby a person invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party." Stowell v. Ted S. Finkel Inv. Servs., Inc., 489 F. Supp. 1209, 1224 (S.D. Fla. 1980).
    PAGE 6

  8. In re Williams

    370 B.R. 397 (Bankr. M.D. Fla. 2007)
    11 U.S.C. § 523(a)(19)(A)(i), (A)(ii), (B)(i), and (B)(ii) (2005). Section 517.07, Florida Statutes, further provides in pertinent part:
    PAGE 400

  9. Hodges v. Harrison

    372 F. Supp. 3d 1342 (S.D. Fla. 2019)   Cited 2 times   1 Legal Analyses
    The transactions at issue constituted investment contracts and are therefore subject to the Florida Blue Sky Laws, including the registration requirements of Fla. Stat. § 517.07. No registration statements were filed with the Florida Office of Financial Regulation or were in effect with respect to any of the Monkey Capital offerings. Similarly, no exemption from registration exists with respect to the Monkey Capital ICO. Despite neither registering the offerings nor obtaining an exemption from registration, Harrison sold Plaintiffs Coeval and Monkey Coins in connection with the Monkey Capital ICO. These effectively undisputed facts are sufficient to establish Harrison's violation of Fla. Stat. §§ 517.07, et seq. , And as a result of Harrison's sale of securities, Plaintiffs have suffered damages in connection with their respective purchases of Coeval and Monkey Coin securities in the Monkey Capital ICO.
    PAGE 1351

  10. Musolino v. Yeshiva Machzikei Hadas Belz

    137 F. App'x 321 (11th Cir. 2005)   Cited 2 times
    After concluding that Machzikei Hadas violated Fla. Stat. § 517.07, the district court concluded that Machzikei Hadas was liable under Fla. Stat. § 517.301 as well. However, because Musolino prevails under Fla. Stat. § 517.07, and because the remedy for a violation of Fla. Stat. § 517.07 and Fla. Stat. § 517.301 is the same — namely, recision — we need not address Machzikei Hadas's grievance with Fla. Stat. § 517.301. Compare Fla. Stat. § 517.211(1) with Fla. Stat. § 517.211(2).
    PAGE 324