Opinion by Senior Justice ROSCOE B. STEPHENSON, JR.
In these three consolidated appeals of right, we determine whether the State Corporation Commission (the Commission) erred in finding that the appellants violated certain sections of the Virginia Securities Act, Code § 13.1-501 et seq. (the Act). The underlying issue presented is whether various instruments sold by the appellants were securities, as defined by the Act, that were required to be registered...
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