Someone needs to look into whether or not the PACT program contracts could actually be considered a Security. It appears to me that the Pact contract that parents received could possibly be considered an "investment contract" as defined by the Alabama Securities Act. Just curious, has anyone thought of approaching the Director of the Securities Commission, as to whether or not the misrepresentations made during the sale of the investment contracts is a violation of the Securities Act and therefore a felony?
If it isn't why?
What actually determines whether or not it is or isn't a security?