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483 F. App'x 1 (6th Cir. 2012) ProPaint's chief operating officer and president. In May 1997, Randy Nye became a member of ProPaint's board of directors. $223,000 through Nye Capital and invested it in shares of ProPaint stock. ProPaint. Through his involvement, Randy Nye became aware of alleged misconduct by Malkin, and shortly after, ProPaint ceased operations and filed for bankruptcy. claims were intertwined with the sale of securities and were, therefore, time-barred by the applicable statutes of limitations and repose. note." Alarcn, Judge existence of another regulatory scheme significantly reduces the risk of the instrument, thereby rendering application of the Securities Acts unnecessary." Id. at 66 - 67. outside investors. Accordingly, the district court did not err in determining that the first factor weighs in favor of characterizing the loan as a security. investment." Despite the absence of common trading for speculation or investment, this solicitation of capital in exchange for stock also weighs in favor of characterizing the Nyes' loans as securities. loans to equity investments and added "the sooner we get equity issued the better for ProPaint." investing public would have reasonably perceived it as such. reducing factor, the fourth factor supports the characterization of the Nyes' "loans" as securities. that the Nyes' claims were inextricably intertwined with the sale of securities. Judgment AFFIRMED