The state of Massachusetts has sued Phillip Goldstein of
Massachusetts Secretary of the Commonwealth William Galvin, in a 75-page complaint, accuses Goldstein of violating the Massachusetts Uniform Securities Act, even though the website asked visitors to agree to a disclaimer that the contents of the site were not meant to be an offer to invest.
Galvin characterized that agreement as “inadequate, [offering] no meaningful restriction on access to the advertising or offering materials based upon a prospective investor’s state of residence, investment sophistication or financial background.”
