Advertisement Since California Corporations Code Section 25501.5 was enacted ten years ago, I’ve been repeatedly asked “What do it mean?“. The statute provides that a person who purchases a security from, or sells a security to, an unlicensed broker-dealer may bring an action for rescission of the sale or purchase or, if the plaintiff or the defendant no longer … Continue reading In This “Unreliable” Opinion, California Court Requires Privity For Action Against Unlicensed Broker-Dealer