Replies to post #104689 on RCC Holdings Corp fka RCCH

[JohnWilliams]

So you are saying that it is Gene Newton's responsibility to make sure that others follow the law? Get real!

This is what happened to RCCH:

The warrant agreements represented to issuers, among other things, that Gendarme was purchasing shares for investment purposes only – a term commonly understood to mean not for the purpose of resale. Armento expected Gendarme to exercise the warrants and purchase the shares, but drafted the warrant agreements without determining what Gendarme intended to do with the shares it would purchase.
28.
From at least early 2008 to at least mid-2010, Armento drafted more than 50 opinion letters for Gendarme. In the letters, Armento opined to transfer agents that Gendarme had acquired the shares in transactions exempt from registration under Rule 504 of the Securities Act and share certificates could be issued to Gendarme without a restrictive legend.

http://www.sec.gov/litigation/complaints/2011/comp21798.pdf