Legal Question in Investment Law in Arizona

Re: private investments

You will need to be more specific, in general private investments must be within state and federal statute in order to be exempt from registration.

If the club is a group of persons pooling their money to invest in the stock or commodities markets, there will be several issues before one can determine if the investment club is exempt from registration because it can easily fall under the Investment Company Act of 1940 if it isn't careful.