Opinion ID: 163281
Heading Depth: 3
Heading Rank: 1

Heading: VesCor

Text: VesCor was in the business of originating, purchasing, and selling loans secured by real property. VesCor financed its business by selling to the public certain investment products, including Wholesale Accrual Notes (“Accrual Notes”), Wholesale Monthly Income Notes (“Monthly Notes”), and Wholesale Mortgage Loan Participation Interests (“MLP Interests”) (collectively, “the VesCor investment products”). Val E. Southwick (“Southwick”) was VesCor’s President, Chief Executive Officer, Corporate Secretary, Chairman, and the sole member of its Board of Directors. Petitioner Kunz worked for VesCor from August 1994 through December 1994. Prior to 1994, VesCor sold the VesCor investment products without registering them under the Securities Act.