Womack v. State

Thompson, Justice.

Plaintiff, the Commissioner of Securities of the State of Georgia, brought suit against The GFI Financial, Inc. (“GFI”) and Virgil Womack, GFI’s president, seeking an injunction to prohibit defendants from selling unregistered securities of GFI. In addition, plaintiff sought the appointment of a receiver for the assets and affairs of GFI. It was alleged that GFI and Womack were engaged in selling “promissory notes”; that the notes constituted unregistered securities and were sold pursuant to a scheme to defraud purchasers of the notes; and that no secondary market existed…