1. Lokken Ltd., a corporation incorporated and doing business in Wisconsin, decides to sell $2,000,000 worth of its common stock to the public. The stock will be sold only within the state of Wisconsin.

Lance Lokken, the chair of the board, says the offering need not be registered with the SEC. His sister, Prudence, disagrees, and argues that they must register this offering with the SEC.

Who is right, and why?

2. Let's look at some relatively breaking news here:

What is Theranos?

Who is Elizabeth Holms?

How do Theranos, Elizabeth Holmes and the SEC all come together?

What has Elizabeth Holms agreed to do to settle the SEC complaint?