I think you are mis-applying the law. If one is not offering a security for sale, and if it is just a note or money order used in the payment of a debt, and does not have a maturity date of longer than 9 months, it does not fall under the securities act. If one is not making a public offering, advertising a security for sale to investors, one is just conducting his own private business. Money orders and promissory notes are no more than an IOU. Do IOUs have to be registered, too? I don't understand where you are coming from.
(And I don't understand your question. You are the one who is stating this statute applies, I am just checking out what you had to say. I am not admitting to anything, are you?) ----- Original Message ----- From: SilverDollar To: [email protected] Sent: Saturday, February 28, 2009 6:06 AM Subject: Re: Final warning! - ZYA method money orders are a fraudelent conversion Are you admitting to communicating inside the confines of Washington D.C. ? "where the statute you mentioned is located" -->> SUBCHAPTER I—DOMESTIC SECURITIES Here is some interesting language a couple subchapters down "indentures": TITLE 15 > CHAPTER 2A > SUBCHAPTER III > § 77ccc (9) The term “indenture to be qualified” means (A) the indenture under which there has been or is to be issued a security in respect of which a particular registration statement has been filed, or (B) the indenture in respect of which a particular application has been filed. (10) The term “indenture trustee” means each trustee under the indenture to be qualified, and each successor trustee. (11) The term “indenture security” means any security issued or issuable under the indenture to be qualified. (12) The term “obligor”, when used with respect to any such indenture security, means every person (including a guarantor) who is liable thereon, and, if such security is a certificate of interest or participation, such term means also every person (including a guarantor) who is liable upon the security or securities in which such certificate evidences an interest or participation; but such term shall not include the trustee under an indenture under which certificates of interest or participation, equipment trust certificates, or like securities are outstanding. (13) The term “paying agent”, when used with respect to any such indenture security, means any person authorized by an obligor thereon (A) to pay the principal of or interest on such security on behalf of such obligor, or (B) if such security is a certificate of interest or participation, equipment trust certificate, or like security, to make such payment on behalf of the trustee. http://www4.law.cornell.edu/uscode/uscode15/usc_sec_15_00000077-ccc000-.html If it is not "qualifed" with an associated registrant statement it is fraud, plain and simple. However if you don't have at least a private agreement in place that notified them of what you plan to do and have defaulted them on it then your toast pretty much. SD On Sat, Feb 28, 2009 at 3:10 AM, Eileen <[email protected]> wrote: Somebodies are pulling your leg. I think you better read the Sec. Exchange Act of 1933. Under exemptions it states: 77c. Classes of securities under this subchapter (a) Exempted securities Except as hereinafter expressly provided, the provisions of this subchapter shall not apply to any of the following classes of securities: (3) Any note, draft, bill of exchange, or banker’s acceptance which arises out of a current transaction or the proceeds of which have been or are to be used for current transactions, and which has a maturity at the time of issuance of not exceeding nine months, exclusive of days of grace, or any renewal thereof the maturity of which is likewise limited; It also says: § 77d. Exempted transactions The provisions of section 77e of this title shall not apply to— (1) transactions by any person other than an issuer, underwriter, or dealer. (2) transactions by an issuer not involving any public offering. 77e is the section relating to Interstate commerce and the mails. ----- Original Message ----- From: SilverDollar To: SilverDollar Sent: Thursday, February 26, 2009 7:34 PM Subject: Final warning! - ZYA method money orders are a fraudelent conversion Tonight I have now heard it from a second source that those who are doing the ZYA Money order instruments for thousands or even millions of dollars, the reason for no response is that there is something coming down the pike from the FBI within a year or a little bit more that will make you wish you never had done it, these are not registered by the SEC, therefore unregistered securities and there is criminal charges for that kind of thing. They have never rubbed me the right way and you will never catch me doing one of those things, same as closed checking accounts setoff process, I seen quite a few people go down for that too. Char is the first one hit as far as I know an there will be more, the best thing you can do to maybe stop it from happening to you is to rescind your signature on all of them and come back to filing the way of inside the box 1099 OID instead of using ZYA. I did not hear it straight from the horses mouth, but don't say I did not give you any warning. SD
