On Sept. 10, the Securities and Exchange Commission (“SEC”) announced the filing of settlement enforcement actions against two Nevada sports betting funds alleging that the funds had violated the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), by selling investments in the funds on the internet1. These enforcement actions serve as a reminder that interests in pooled investment entities likely constitute securities and that entities pooling investment capital must make sure that capital-raising activities are conducted in compliance with applicable securities laws.