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Liability to secure a loan rubin pledges stock that he

Question: Liability To secure a loan, Rubin pledges stock that he represents as being marketable and worth approximately $1.7 million. In fact, the stock is nonmarketable and practically worthless. He is charged with violating the Securities Act of 1933. He claims that because no sale occurred, he is not guilty. Is he correct? Why or why not?

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Management Theories: Liability to secure a loan rubin pledges stock that he

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