Callahan v. Class One, Inc.

This court has consistently held that any sale of securities which have not been registered as required by R.C. Chapter 1707 — or which are not exempt from those requirements — will materially affect the protection afforded by the statute. Pencheff v. Adams (1983), 5 Ohio St. 3d 153, 5 OBR 318, 449 N.E. 2d 1277; Bronaugh v. R. & E. Dredging Co. (1968), 16 Ohio St. 2d 35, 45 O.O. 2d *77321, 242 N.E. 2d 572. The Montgomery County Court of Appeals has fashioned an exception to this rule where the buyer initiates the sale. That exception would upset a well-settled scheme of regulation designed to…