An investment firm in Richmond specializing in commercial property flipping has been suspended for violating securities laws.
Genesis had been registered as an exempt market dealer firm, allowing it to sell securities to investors without a prospectus — a document that outlines the nature of the investment and its risks. The commission stated Genesis “primarily distributes the securities of a related-party fund, Manna Industrial Property Limited Partnership .
The commission stated it imposed various conditions on Genesis’ registration in February after a compliance review revealed “significant deficiencies” and Genesis subsequently failed to meet all of the conditions.
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