K.S.A. » Chapter 17

K.S.A. § 17-1254

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17-1254.

History: L. 1957, ch. 145, § 3; L. 1965, ch. 150, § 1; L. 1969, ch. 118, § 1; L. 1972, ch. 231, § 1; L. 1979, ch. 61, § 3; L. 1981, ch. 99, § 1; L. 1984, ch. 313, § 50; L. 1985, ch. 88, § 1; L. 1988, ch. 90, § 1; L. 1992, ch. 226, § 2; L. 1994, ch. 291, § 15; L. 1995, ch. 251, § 5; L. 1997, ch. 62, § 4; L. 2002, ch. 17, § 2; L. 2003, ch. 117, § 2; Repealed, L. 2004, ch. 154, § 65; July 1, 2005.

CASE ANNOTATIONS

1. Cause of action under Blue Sky law cannot be first raised on appeal. Crist v. United Underwriters, Ltd., 343 F.2d 902, 904.

2. Selling of certain promissory notes held to be selling securities and the seller thereof required to be registered hereunder. State v. Hodge, 204 Kan. 98, 99, 106, 460 P.2d 596.

3. Referred to in upholding constitutionality of Health Care Provider Insurance Availability Act (K.S.A. 40-3401 et seq.). State ex rel. Schneider v. Liggett, 223 Kan. 610, 615, 576 P.2d 221.

4. Corporation which materially aided in fraudulent transaction of unregistered agent liable, jointly and severally; attorney fees. Deets v. Hamilton Management Corp., 2 Kan. App. 2d 452, 454, 455, 581 P.2d 826.

5. New trial ordered on fraud convictions; trial court erred in instructing jury and in restricting cross-examination. State v. Puckett, 6 Kan. App. 2d 688, 689, 705, 634 P.2d 144 (1981); aff'd, 230 Kan. 596, 640 P.2d 1198 (1981).

6. Under facts of case alleged investment contract not subject to act. State ex rel. Owens v. Colby, 231 Kan. 498, 499, 646 P.2d 1071 (1982).

7. Cited; purpose of act explained; sale of "activator kits" constitutes sale of investment contracts (K.S.A. 17-1252(j)). Activator Supply Co. v. Wurth, 239 Kan. 610, 614, 621, 722 P.2d 1081 (1986).

8. Burden on state to prove all elements of crime charged; burden of showing transaction as exempt on defendant. State v. Kershner, 15 Kan. App. 2d 17, 19, 20, 801 P.2d 68 (1990).

9. Statutes authorizing civil actions (K.S.A. 17-1266) and prohibiting sale of unregistered securities (K.S.A. 17-1255) held not unconstitutionally vague. State ex rel. Mays v. Ridenhour, 248 Kan. 919, 920, 811 P.2d 1220 (1991).

10. Exemptions in K.S.A. 17-1262 as affirmative defenses under K.S.A. 17-1272, instructions on violations of act examined. State v. Ribadeneira, 15 Kan. App. 2d 734, 737, 760, 817 P.2d 1105 (1991).

11. Disbarment recommendation based upon conviction hereunder; conviction reflected adversely on fitness as a lawyer resulting in public censure. In re Kershner, 250 Kan. 383, 388, 827 P.2d 1189 (1992).

12. Whether subsection (g) creates a private civil remedy under K.S.A. 17-1268 examined. Kelly v. Primeline Advisory, Inc., 256 Kan. 978, 982, 991, 889 P.2d 130 (1995).

13. Conviction for failing to register as broker/dealer upheld; sufficient evidence to find remuneration paid for soliciting investors. State v. Stuber, 25 Kan. App. 2d 254, 263, 962 P.2d 1104 (1998).


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Notes of Decisions
Cited in 20 cases, 1978–2010 · leading case: Kelly v. Primeline Advisory, Inc.
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Kelly v. Primeline Advisory, Inc. (1995) kan · cites it 14× “17-1254 or 17-1255 or offers or sells a security by means of any untrue statement of a material fact or any omission to state a material fact necessary in order to make the statements made in the light of the circumstances under which they are made not misleading (the buyer not…”
State v. Kershner (1990) kanctapp · cites it 6× “: Defendant Gary Kershner appeals from two convictions of engaging in business as a broker-dealer without being registered (K.S.A. 17-1254[a]) and two convictions of selling or offering for sale unregistered securities (K.”
State v. Puckett (1981) kanctapp · cites it 4× “17-1267), seven counts of failure to register as a broker-dealer or agent (K.S.A. 1979 Supp. 17-1254 and 1979 Supp. 17-1267), and seven counts of unlawful acts in connection with the sale of a security (K.”
In Re Kershner (1992) kan · cites it 3× “17-1255, and his two felony convictions for acting as a broker-dealer or agent when not registered with the Kansas Securities Commissioner, in violation of K.S.A. 17-1254; (2) his failure to pay his attorney registration fees for the years 1985-1990 inclusive; (3) failure to…”
State Ex Rel. Schneider v. Liggett (1978) kan “19-261), securities dealers (K.S.A. 17-1254), warehousemen (K.S.A. 34-229 and 34-236), livestock markets (K.”
State Ex Rel. Mays v. Ridenhour (1991) kan “17-1255, which prohibits selling unregistered securities, (2) K.S.A. 17-1254, which requires securities salespersons to register, and (3) K.”
State v. Atteberry (2010) kanctapp · cites it 2× “17-1255; 8 counts of failure to register as broker-dealer or agent in violation of K.S.A. 17-1254; and 10 counts of violating the emergency cease and desist order in violation of K.”
State v. Ribadeneira (1991) kanctapp · cites it 2× “17-1262 lists 17 types of transactions which are exempted from the provisions of K.S.A. 17-1254 and K.S.A. 17-1255. If any of the defendant’s activities fell within one of those 17 exemptions, the action would not be criminal.”
Klein v. Oppenheimer & Co. (2006) kan “17-1268(a) provides that “[a]ny person, who offers or sells a security in violation of K.S.A. 17-1254 or 17-1255, and amendments thereto .”
In Re Trester (2007) kan “Kershner was convicted of four felony violations of the Kansas Securities Act (2 counts of violating K.S.A. 17-1254 by offering for sale shares of stock of a corporation when he was not registered as a broker-dealer or agent and 2 counts of violating K.”
Activator Supply Co. v. Wurth (1986) kan “K.S.A. 17-1254 makes it unlawful for any person to engage in business in this state as a broker/dealer, agent, or investment advisor in the sale of securities unless such person is registered with the Kansas Securities Commissioner.”
In Re Rausch (2001) kan “(2 counts of violating K.S.A. 17-1254 by offering for sale shares of stock of a corporation when he was not registered as a broker-dealer or agent and 2 counts of violating K.”
Show all 20 citing cases →
— K.S.A. § 17-1254(a) — 1 case
State v. Atteberry (2010) kanctapp “17-1255; 8 counts of failure to register as broker-dealer or agent in violation of K.S.A. 17-1254; and 10 counts of violating the emergency cease and desist order in violation of K.”
— K.S.A. § 17-1254(g) — 1 case
Kelly v. Primeline Advisory, Inc. (1995) kan “17-1254 or 17-1255 or offers or sells a security by means of any untrue statement of a material fact or any omission to state a material fact necessary in order to make the statements made in the light of the circumstances under which they are made not misleading (the buyer not…”
— K.S.A. § 17-1254(g)(2) — 1 case
Kelly v. Primeline Advisory, Inc. (1995) kan “17-1254 or 17-1255 or offers or sells a security by means of any untrue statement of a material fact or any omission to state a material fact necessary in order to make the statements made in the light of the circumstances under which they are made not misleading (the buyer not…”
— K.S.A. § 17-1254(g)(7) — 1 case
Kelly v. Primeline Advisory, Inc. (1995) kan “17-1254 or 17-1255 or offers or sells a security by means of any untrue statement of a material fact or any omission to state a material fact necessary in order to make the statements made in the light of the circumstances under which they are made not misleading (the buyer not…”
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