McDONALD, J.
It is sometimes the case that an individual bent on avoiding taxes exchanges the certainty of the tax liability for a risky, and perhaps fraudulent, investment that proves more costly in the long run. The instant litigation arises out of such a situation. We are asked to decide the nature of the investment — was it a "security" for purposes of application of the Maryland Securities Act? — and whether the long run was too long — are...
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