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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 33801
Experience:  15 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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i have recieved a letter form an attorney stating that the

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i have recieved a letter form an attorney stating that the illinois securities department is investigating my businesses under the illinois securities law of 1953 why would someone or some agency file this file#c1200153
Hello,
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Is the letter on any type of official IL state letterhead?
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Are they asking you to do anything?
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Thanks.

Barrister

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Please remember to rate my answer. I will gladly continue our discussion until you have gotten the information you need.

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If you need further help, just reply to me via the “REPLY” or “CONTINUE CONVERSATION” button.

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Please keep in mind that I am trying to help you understand and resolve your situation. I don't make the laws, I am just reporting or interpreting them, so the outcome may not be what you had hoped for.

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Please be patient as I am typically working with several customers at any given time. Some answers take 5 minutes, some 35 minutes. But rest assured, I will get back to you.

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I am not entering into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. With that in mind, do not post any specific information you do not want available for public viewing. The information provided is not a substitute for a local attorney’s legal advice.

Customer: replied 4 years ago.

hi on the top it has office of the secretary state


there is no stamped seal or notary


i recieved this letter just today and the letter was dated aug 16th


they gave a list of 4 things compleate accounting and current valuation


list of shareholder with all info on each


list of affiliated comp


summary of my involvement


am i in serious trouble


is this like an audit


it is signed by an attorney named james j. tierney


can u find out who filed complaint with file#


thank you


 

Ok, if this is legitimate, and it likely is, then these type of investigations are typically when someone is accused of selling unlicensed stock or securities or selling interests in other things without being formally registered with the SEC to do so.

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There may also be something going on with another company and they have implicated you in some wrongdoing. James Tierney is listed as an enforcement attorney with the IL Securities Dept under the Secretary of State.

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BotXXXXX XXXXXne is yes, this is serious, so you are going to need to contact a CPA and a securities law attorney to assist and make sure that you not only comply with any formal requests, but also to protect you from doing anything incriminating.

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Thanks.

Barrister

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Please remember to rate my answer. I will gladly continue our discussion until you have gotten the information you need.

.

If you need further help, just reply to me via the “REPLY” or “CONTINUE CONVERSATION” button.

.

Please keep in mind that I am trying to help you understand and resolve your situation. I don't make the laws, I am just reporting or interpreting them, so the outcome may not be what you had hoped for.

.
Please be patient as I am typically working with several customers at any given time. Some answers take 5 minutes, some 35 minutes. But rest assured, I will get back to you.

.

I am not entering into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. With that in mind, do not post any specific information you do not want available for public viewing. The information provided is not a substitute for a local attorney’s legal advice.

 

Customer: replied 4 years ago.

can u pull file #c1200153?


why would another company impliment me ?can u give an example?


if i own a s-corp and sell shares , is this not legal?


do people go to jail on this stuff


 

Unfortunately I don't have access to their internal case filing system.
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And if you are selling shares of an S-corp, that is what this is about. It may not be legal. You have to actually meet certain criteria with the Securities and Exchange Commission in order to be able to sell shares in a corporation.
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An S corporation's shareholders must meet several requirements. S corporation shareholders must number no more than 100 people and must be either U.S. citizens or residents and human beings with the exception of certain trusts and estates. If S corporation shares are sold to impermissible shareholders, the S corporation loses its status as an S corporation.
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Typically this type of thing involves some fines, but not usually jailtime unless there is an intent to defraud any investors.
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Thanks.

Barrister

.

Please remember to rate my answer. I will gladly continue our discussion until you have gotten the information you need.

.

If you need further help, just reply to me via the “REPLY” or “CONTINUE CONVERSATION” button.

.

Please keep in mind that I am trying to help you understand and resolve your situation. I don't make the laws, I am just reporting or interpreting them, so the outcome may not be what you had hoped for.

.
Please be patient as I am typically working with several customers at any given time. Some answers take 5 minutes, some 35 minutes. But rest assured, I will get back to you.

.

I am not entering into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. With that in mind, do not post any specific information you do not want available for public viewing. The information provided is not a substitute for a local attorney’s legal advice.

Customer: replied 4 years ago.

is the file public record ?


can i find it online?

No, not if it is an ongoing investigation. Even an attorney representing you would not be able to get a copy of any ongoing investigation. Once it was concluded, you or your attorney could get a copy of any final report so you could defend against it if any charges were brought against you.
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.

Thanks.

Barrister

.

Please remember to rate my answer. I will gladly continue our discussion until you have gotten the information you need.

.

If you need further help, just reply to me via the “REPLY” or “CONTINUE CONVERSATION” button.

.

Please keep in mind that I am trying to help you understand and resolve your situation. I don't make the laws, I am just reporting or interpreting them, so the outcome may not be what you had hoped for.

.
Please be patient as I am typically working with several customers at any given time. Some answers take 5 minutes, some 35 minutes. But rest assured, I will get back to you.

.

I am not entering into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. With that in mind, do not post any specific information you do not want available for public viewing. The information provided is not a substitute for a local attorney’s legal advice.

Customer: replied 4 years ago.

why the request for accounting incl audited financial statements with balance sheets /income and expenses and current valuation?


when they say audited financials does that me actual audited or does that mean from my accountant?


both stores are closed one in 2009 and other in 2012 of april does this help or hurt me?


 

why the request for accounting incl audited financial statements with balance sheets /income and expenses and current valuation?

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I would assume that it was to determine the value of any shares sold compared to the actual assets of the company. But not being a financial investigator, I can only guess.

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when they say audited financials does that me actual audited or does that mean from my accountant?

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Once again, I can only assume it means from an accountant.

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both stores are closed one in 2009 and other in 2012 of april does this help or hurt me?

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If there was some sort of shareholder complaint, then if they didn't get their investment back, it would likely hurt you because there is nothing in the company to collect against.

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Thanks.

Barrister

.

Please remember to rate my answer. I will gladly continue our discussion until you have gotten the information you need.

.

If you need further help, just reply to me via the “REPLY” or “CONTINUE CONVERSATION” button.

.

Please keep in mind that I am trying to help you understand and resolve your situation. I don't make the laws, I am just reporting or interpreting them, so the outcome may not be what you had hoped for.

.
Please be patient as I am typically working with several customers at any given time. Some answers take 5 minutes, some 35 minutes. But rest assured, I will get back to you.

.

I am not entering into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. With that in mind, do not post any specific information you do not want available for public viewing. The information provided is not a substitute for a local attorney’s legal advice.

 

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