Mathews v. Cassidy Turley Maryland, Inc.

McDonald, j.

It is sometimes the case that an individual bent on avoiding taxes exchanges the certainty of the tax liability for a risky, and perhaps fraudulent, investment that proves more costly in the long run. The instant litigation arises out of such a situation. We are asked to decide the nature of the investment — was it a “security” for purposes of application of the Maryland Securities Act? — and whether the long run was too long — are the claims barred by limitations? We also consider the potential use at trial of a bankruptcy examiner’s report concerning the promoter of the…