Securities law opinions during this period fall into two categories. The first deals with incompetent lawyers. In Miller, a state court reinstated a cease and desist order against an issuer whose lawyer failed to object to a witness's testimony when a co-defendant's counsel did. In In re Next...

Securities law opinions under Texas law during this period can be divided into two groups. The first group deals with various fraudulent schemes targeted by the Board. The "free lunch" scam, aimed at senior investors, surfaced in Head v. State where the scammer lost the appeal because the...

During the survey period, the Texas courts dealt with several cases concerning the scope of the Texas Securities Act and Texas Stock Fraud Act. For both the Texas Securities Act and the Texas Stock Fraud Act, they began to consider whether equity interests in limited liability companies are...