Freddy operated a business known as Investment Co. Freddy worked as a loan broker. From 2000 to 2003, Freddy found loans for five (5) people. Minnesota requires the persons engaged in the business of brokering loans to obtain a license from the state. Freddy does not have a license and was unaware of the requirement.

Please discuss whether Freddy can be criminally prosecuted. Does Freddy have any defenses and do you think he will be successfully in raising those defense? What will be the outcome?