In both of these REGDEX filings Newton states that he will NOT be selling securities to non-accredited investors. In the first he claims to only be selling to one accredited investor in Texas. ($30,000) Legally he could have sold up to $1 million to accredited investors IN states that he registered to sell them in PROVIDING RCCH was in compliance with state antifraud provisions.
In the most recent he lists a number of states that he will be selling securities in...to ACCREDITED INVESTORS. He doesn't check the ALL STATES box and again claims he will NOT be selling to non-accredited investors IN THOSE STATES. I don't live in any of those states.
In my opinion, shares were sold that were not legally registered and should NOT have been sold to non-accredited investors. I believe those shares must have had a "legal opinion" attached to them in order for the TA/brokerage house to lift the restricted legend.
In my opinion, this constitutes fraud on the part of this company and its' legal representation...unless somebody can point out where RCCH registered shares to be sold to the public...legally.
$100k in legal/accounting fees to file a Regdex? $650k in finders fees!
If Newton sold shares to the public under Regulation 504 d...I'm not a lawyer but In my opinion... he's committed fraud.
How and when did RCCH register shares to be sold to the public?
NOT HERE
To: Securities and Exchange Commission
Washington, D.C. 20549
January 17, 2006
Dear SEC,
RCC Holdings Corporation officially requests the withdrawl of our Form 10-12B/A that was filed on November 5, 2003. The file number is 001-31850