Prosecutors Defend Securities Laws Challenged By Texas AG

By Jess Krochtengel (November 16, 2015, 11:04 PM EST) -- Prosecutors on Monday defended Texas securities laws that state Attorney General Ken Paxton attacked as unconstitutionally vague, saying that when Paxton was a state representative, he voted for the law and can't escape it now that he is charged with felony securities law violations.

Paxton, who is trying to quash three felony charges alleging he misled investors and failed to register as an investment adviser, argued Nov. 2 that Section 29(I) of the Texas Securities Act is unconstitutionally vague, allows for arbitrary enforcement of the law and is preempted by federal law. Prosecutors say when that law was amended in 2003 to provide...

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