Sept 21, 2012: Legal Opinion Lawyer, Cameron Linton, receives SEC Admin Proceeding:
Linton, age 57, is and has been an attorney licensed to practice law in the State of Florida. From approximately 2009 to 2012, Linton’s law practice has included writing legal opinion letters for clients involving transactions under the federal securities laws.
The Commission’s complaint alleged, among other things, that from
January 2010 through October 2011, clients of Linton’s unlawfully sold approximately 3.3 billion shares of penny stock in unregistered transactions. They were able to acquire and sell most of this stock only because Linton, their attorney, issued baseless legal opinions stating that the transactions were exempt from the registration requirement of Section 5 of the Securities Act.
Linton failed to make necessary factual and legal determinations when he concluded that the transactions qualified for an exemption from Section 5 of the Securities Act pursuant to Securities Act Rule 144. When Linton wrote the opinion letters, he lacked an understanding of the applicable legal principles and failed to substantiate the factual predicate for his opinions. But for Linton’s legal opinion letters, the issuers’ transfer agents would not have transferred the stock to Linton’s
clients without a restrictive legend. Thus, the complaint alleged that Linton was a substantial factor and a necessary participant in the unregistered sales of the issuers’ securities in violation of Section 5 of the Securities Act.
Accordingly, it is hereby ORDERED, effective immediately, that:
Linton is suspended from appearing or practicing before the Commission as an attorney.
By the Commission.
To bite the worm of incite is to bite the HOOK of the antagonist . They win .