Nelson v. State ex rel. Lewis

Appellants, three of twenty-one defendants accused of violations of the Florida Securities Act and the Mortgage Brokerage Act, challenge the state’s authority to prosecute them under the securities statute.

The purpose of the present Florida Securities Act, as with its predecessors, is to protect the public from fraudulent and deceptive practices. O’Neill v. State, 336 So.2d 699 (Fla. 4th DCA 1976); McElfresh v. State, 151 Fla. 140, 9 So.2d 277 (1942). Chapter 517 requires registration of securities. § 517.07, Fla.Stat. (1981). The only exemptions are for certain transactions where the buyers…