Under the Securities Act of 1933, liability is imposed for improper offers and sales when:
A. a person sells his securities to another private party without notifying the Securities and Exchange Commission.
B. the investor finds that the registration statement for the security contained an untrue statement.
C. a person offers or sells unregistered and nonexempt securities in violation of the Act.
D. the issuer inadvertently omits a few material facts in the registration statement.
Answer: C
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