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Your good friend approaches you with a clever idea. Since U.S. government bonds are exempt securities, he wants to involve himself in a fraudulent scheme

Your good friend approaches you with a "clever idea." Since U.S. government bonds are exempt securities, he wants to involve himself in a fraudulent scheme to sell the instruments through the U.S. mails.He figures that he can do so without subjecting himself to SEC scrutiny.What might you remind him?

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