A broker-dealer incorporated in State A with its principal office in State B has a client in State C who was sold unregistered securities. Which state Administrator(s) have jurisdiction to take action?

1. AOnly the Administrator of State A, where the firm is incorporated
2. BOnly the Administrator of State B, where the principal office is located
3. COnly the SEC, since multiple states are involved
4. DAny state where the offer or sale was directed, including State C✓ Correct answer

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