Cooperatives, Securities Violations, and Advisor Liabilities: A Case Study
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This article describes facts and actions leading to liability of a cooperative’s attorneys and accountants for securities law violations. The cooperative, through conflicts of interest and failure of those charged with conducting its affairs to meet their responsibilities, purchased a gasohol plant that sent the cooperative into bankruptcy. A “demand note” financing system was conducted in violation of securities laws. Directors, management, and professional advisors were held liable for losses suffered by the cooperative and investors.