Partner Craig Mariam, along with Gordon & Rees associates authored “D&O: Is Licensure of Corporate Officers and Directors as Broker Dealers Required? California’s Securities Experience” in the Spring 2012 edition of Professional Liability Defense Quarterly, published by the Professional Liability Defense Federation (PLDF).
In the article, the authors discuss a court decision that contributes to the complexity and uncertainty that surrounds the question of whether officers and directors need to be licensed when selling securities issued by their corporation. They also analyze the few published California authority discussing the circumstances under which officers and directors must be licensed, and offer clarity and defense strategies. The authors explain the statutory framework, the significance of People v. Cole, the commissioner’s response to People v. Cole, and the application of safe harbor under rule 3a4-1.Back