Boldon v. Chiappa

This appeal involves a curiously labeled securities case. We reverse.

Plaintiff, Richard Boldon, brought suit to recover, pursuant to the Illinois Securities Law of 1953 (Act) (Ill. Rev. Stat. 1983, ch. 121½, par. 137.1 et seq.), money invested in defendants’ business. Specifically, plaintiff sought rescission of an investment contract based upon the defendants’ failure to comply with the filing requirements of section 4(G) of the Act (Ill. Rev. Stat. 1983, ch. 121½, par. 137.4(G)). Certain sales of “securities” are made voidable under the provisions of the Act at the option of the purchaser,…