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Ouch, states have tools in their arsenal to make life miserable for issuers and to levy fines and force rescissions of completed offerings if the sales are made through anyone other than a licensed broker-dealer.

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    Who said: "I disapprove of what you say, but I will defend to the death your right to say it."?
    A S. G. Tallentyre
    B Mahatma Gandhi
    C Voltaire
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