Last August, Nevada Secretary of State Barbara Cegavske issued a Summary Order to Cease and Desist on Thomas Becker and Wellington Sports Club, LLC, Einstein Sports Advisory, Ltd., and Welscorp, Inc. The gist of Secretary of State's allegations is that the respondents' sports betting model is a security. Shortly thereafter the Securities and Exchange Commission filed a civil complaint against Mr. Becker and several other individuals and entities. The SEC alleges, among other things, violations of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5, and the registration provisions of Section 5(a) and 5(c) of the Securities Act.