Sponsor Check › Person
Named as an officer, director or promoter on SEC Form D filings · MN · Apr 16, 2009 → Apr 16, 2009
Data last updated Oct 23, 2026, 5:45 PM ET · Courts (RECAP) last checked: Oct 24, 2026, 2:18 AM ET · SEC enforcement last checked: covered by the index scan as of Oct 24, 2026, 2:50 AM ET
Roy Lipner is listed as an executive officer and director on 1 SEC Form D filing by 1 issuer in Apr 2009: QUESTAR ASSESSMENT, INC. (Apple Valley, MN — industry reported as "Other" — 2009; $5M reported sold to 14 investors).
What this means One deal on file with the SEC, filed Apr 2009. A Form D is the notice a company files after it starts selling a private investment — it is a notice, not an approval.
Listed alongside Andrew L. Simon (1 shared filing), Chris L. Nguyen (1 shared filing), David L. Warnock (1 shared filing), David Vail (1 shared filing), Donald W. Hughes (1 shared filing) and 6 others.
What this means These are the other officers, directors or promoters the companies named on the same forms — the team around Roy. Each name links to their own page.
Public records searched: federal courts (CourtListener / RECAP), SEC enforcement releases, state securities regulators (AK, AL, AR, AZ, CA, CO, CT, DC, DE, FINRA, FL, GA, HI, ID, IL, KS, KY, LA, MA, MD, ME, MI, MO, MS, MT, NASAA, NC, ND, NH, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, WA, WI, WV, WY) — 69 court cases matching the name, 2 state regulator orders listed in Key records below.
What this means 71 records came back. Each one is listed below with a link to the original document and a line saying why it matched. A name match is not proof it is the same person or company — read the why line and the document. Being sued or named in a release is an accusation, not a finding.
We compared 1 public filing for Roy Lipner and found 2 differences, 1 worth asking the sponsor about: Form D filed 122 days after the first sale; and more below.
What this means These are differences between the sponsor's own SEC filings — both values, dates and sources are listed in Key records, section 4. Most have ordinary explanations; ask the sponsor.
Community search for Roy Lipner has not run yet — it is joining a line of 47,090 names; searches run around the clock at the hosts' allowed rate. Searched so far: 641 names.
Community comments are quoted as written by their authors. Sources searched: Bing (site:reddit.com / site:biggerpockets.com) and Reddit's own search, plus DuckDuckGo/Brave/BiggerPockets search when they are answering.
Five things investors ask first. Items still in human review are counted, not shown.
69 cases: 7 closed (disposition not in docket feed), 62 dismissed
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
890 Other statutory actions
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
890 Other statutory actions
320 Assault, libel, and slander
890 Other Statutory Actions· Cause:
12:1971 Relief under Bank Holding Act
320 Assault, libel, and slander
320 Assault, libel, and slander
890 Other statutory actions
890 Other statutory actions
320 Assault, libel, and slander
890 Other statutory actions
890 Other statutory actions
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
890 Other statutory actions
320 Assault, libel, and slander
320 Assault, libel, and slander
890 Other statutory actions
320 Assault, libel, and slander
320 Assault, libel, and slander
320 Assault, libel, and slander
380 Other personal property damage
410 Antitrust
Sources searched: CourtListener bulk data (RECAP dockets as of 2026-09-30; recall-first rule 10-24) — federal district + bankruptcy courts State courts: not covered (one-tap state court links under Look further). PACER: not searched. · Last checked Oct 24, 2026, 2:18 AM ET.
Court records show docket facts only; we never restate allegations as facts. Outcome wording comes from the docket feed; where it does not state a disposition we say so.
State courts: not covered (one-tap state court links under Look further). No state offers a lawful automated statewide source PartnerFacts can use today. Texas (re:SearchTX) terms prohibit storing results in a database open to third parties; New York (WebCivil) and Massachusetts (MassCourts) require a browser check that blocks scripted queries; California has no statewide index (58 county portals; Rule of Court 2.503 grants name-based access case by case); Florida, Utah and Illinois offer paid or partial access whose terms for automated use are unverified. Washington (dw.courts.wa.gov; bulk index reports under a JISC data-dissemination agreement), Delaware (CourtConnect; Court of Chancery not included) and Arizona (apps.azcourts.gov/publicaccess, which has an official channel to request high-volume access) are the candidates; PartnerFacts will request written permission before any automated search. Federal courts are searched through CourtListener / RECAP.
2 state regulator orders
An AWC was issued in which Lipner was fined $17,500, suspended from association with any FINRA member in all capacities for 45 days, and required to requalify by examination for the financial and operations principal (FINOP) (Series 27) registration before returning to any FINRA member as a FINOP. Without admitting or denying the findings, Lipner consented to the sanctions and to the entry of findings that as her member firm’s chief financial officer and FINOP, she failed to ensure that the firm ceased conducting a securities business while it was net capital deficient. The suspension was in effect from December 18, 2017, through January 31, 2018.Order / docket ↗ Regulator's list ↗
SEC enforcement searched: SEC litigation releases and administrative proceedings — respondent names in the sec.gov index titles (30,205 releases, 1995-09-19 to 2026-10-23); release text is read only to confirm a candidate. Names that appear only in the body of a release are not found. — Searched SEC litigation releases and administrative proceedings (1995→ / 2007→) (30,205 records as of Oct 24, 2026, 2:50 AM ET) — nothing matched Roy Lipner..
State securities regulators: Securities regulators searched (64,910 actions): FINRA (38,350 actions, 1995–2026), NASAA (31 actions, 2000–2026; listing starts 1997), AK Division of Banking and Securities (273 actions, 1971–2025), AL Securities Commission (880 actions, 2001–2026), AR Securities Department (1,305 actions, 1998–2026), AZ Corporation Commission Securities Division (411 actions, 2017–2026), CA DFPI (25 actions, 2007–2024; listing starts 2002 — 16 of 12,159 DFPI respondent pages read so far; sponsor-name matches are read first), CO Division of Securities (731 actions, 2001–2026; older years from the Internet Archive (snapshot of 2026-05-02)), CT Department of Banking Securities Division (940 actions, 2006–2026; older years from the Internet Archive (snapshot of 2026-04-22)), DC DISB Securities Bureau (25 actions, 2012–2026), DE DOJ Investor Protection Unit (257 actions, 1987–2026), FL Office of Financial Regulation (49 actions, 2018–2026), GA Secretary of State Securities Division (65 actions, 2015–2026; listing starts 2012), HI DCCA Securities Enforcement Branch (26 actions, 2012–2026), ID Department of Finance Securities Bureau (663 actions, 1994–2026), IL Secretary of State Securities Department (4,122 actions, 2003–2023), KS Insurance Department Securities Division (58 actions), KY Department of Financial Institutions (342 actions, 2005–2026), LA Office of Financial Institutions Securities Division (13 actions, 2010–2025; listing starts 2008), MA Secretary of the Commonwealth Securities Division (125 actions, 2012–2025; live site blocks automated access — loaded from the Internet Archive snapshot of 2026-02-04), MD Attorney General Securities Division (1,054 actions, 2004–2026), ME Office of Securities (539 actions, 2000–2026), MI LARA Corporations, Securities & Commercial Licensing Bureau (201 actions), MO Secretary of State Securities Division (919 actions, 1998–2026), MS Secretary of State Securities Division (209 actions, 1995–2026), MT Commissioner of Securities and Insurance (597 actions, 2000–2026), NC Secretary of State Securities Division (265 actions, 2004–2024), ND Securities Department (711 actions, 1990–2026; the regulator no longer publishes this list live — loaded from the Internet Archive snapshot of 2026-01-06), NH Bureau of Securities Regulation (402 actions, 2002–2026), NM Regulation and Licensing Department Securities Division (90 actions, 2010–2025), NV Secretary of State Securities Division (118 actions, 2018–2026), NY Attorney General Investor Protection Bureau (44 actions, 2012–2026), OH Division of Securities (327 actions, 1993–2006), OK Department of Securities (2,531 actions, 1998–2026), OR Division of Financial Regulation (589 actions, 1988–2026), PA Department of Banking and Securities (1,448 actions, 2008–2024; the regulator no longer publishes this list live — loaded from the Internet Archive snapshot of 2024-08-09), RI DBR Securities Division (98 actions, 2005–2025), SC Attorney General Securities Division (540 actions, 2006–2026), SD Division of Insurance – Securities Regulation (106 actions, 2017–2026), TN Department of Commerce and Insurance Securities Division (405 actions, 1992–2026), TX State Securities Board (936 actions, 1999–2026), UT Division of Securities (772 actions, 2000–2026; older years from the Internet Archive (snapshot of 2010-05-27)), VT DFR Securities Division (137 actions, 2010–2026), WA DFI (2,039 actions, 2001–2026), WI DFI Division of Securities (1,072 actions, 1998–2026), WV Securities Commission (State Auditor) (64 actions), WY Secretary of State Compliance Division (6 actions, 2016–2024) — last crawled Oct 24, 2026, 8:48 AM ET. No machine-readable public listing today for IA, IN, MN, NE, NJ, VA (see docs/state-regulators.md).
None found in sources searched — federal bankruptcy courts (CourtListener / RECAP), checked Oct 24, 2026
Sources searched: Federal bankruptcy courts via CourtListener / RECAP archive (federal district courts, federal bankruptcy courts). State courts: not covered (one-tap state court links under Look further). PACER: not searched (RECAP only). · Last checked Oct 24, 2026, 2:18 AM ET.
State courts: not covered (one-tap state court links under Look further). No state offers a lawful automated statewide source PartnerFacts can use today. Texas (re:SearchTX) terms prohibit storing results in a database open to third parties; New York (WebCivil) and Massachusetts (MassCourts) require a browser check that blocks scripted queries; California has no statewide index (58 county portals; Rule of Court 2.503 grants name-based access case by case); Florida, Utah and Illinois offer paid or partial access whose terms for automated use are unverified. Washington (dw.courts.wa.gov; bulk index reports under a JISC data-dissemination agreement), Delaware (CourtConnect; Court of Chancery not included) and Arizona (apps.azcourts.gov/publicaccess, which has an official channel to request high-volume access) are the candidates; PartnerFacts will request written permission before any automated search. Federal courts are searched through CourtListener / RECAP.
Comparisons cover issuers and sponsor groups — see the issuer pages under Deals
2 differences found between the filings for Roy Lipner — 1 worth asking about (compared 1 filing on Oct 24, 2026)
The Apr 16, 2009 Form D reports $4,634,991 sold and $500,000 of the proceeds used for payments to officers, directors or promoters.
What this means The filing reports how much of the money raised was paid to insiders. Over 10% is high for most deals. Ask what it paid for.
The filing says the first sale was Dec 15, 2008. The Form D was filed Apr 16, 2009 — 122 days later. The rule: a Form D is generally due within 15 days after the first sale, so this one is 107 days past that.
What this means A late notice is common and carries no penalty by itself. It is worth asking the sponsor why the paperwork lagged.
What is compared: every Form D and D/A we hold for this subject, side by side — filing dates vs. first-sale dates (the 15-day rule), amendment timing on open offerings (the yearly-amendment expectation), amounts sold, investor counts, offering amounts and minimums across amendments, industry and size bands, addresses, how each person's name and role is written, paid sellers' CRD numbers, and (for groups) where the member companies were formed and sit. Everything is as filed by the issuer; the SEC does not check it. Differences are common and usually have ordinary explanations — we show both values, the dates, and the source so you can ask. As of Oct 24, 2026.
0 of 1 offering report sales commissions; 0 report finder's fees; 1 reports proceeds to related persons totalling $500,000.
| Offering (latest filing) | Sales commissions | Finder's fees | To insiders | Paid to sell it | Source |
|---|---|---|---|---|---|
| Apr 16, 2009 D QUESTAR ASSESSMENT, INC. File 021-72660-3N | $0 | $0 | $500,000 | None listed on this filing | EDGAR ↗ |
Counts come from Form D Items 12–15 on the filings in our index (latest filing per offering; one offering = one SEC file number; an amendment updates its offering rather than adding one). "To insiders" = gross proceeds used for payments to executive officers, directors or promoters. "—" = not reported on that filing. Amounts marked (est.) were reported as estimates. "Paid to sell it" = sales compensation recipients named on that filing (Item 12), each linked to FINRA BrokerCheck when a CRD number is reported.
Counted across every filing this person is listed on (latest filing per offering, per issuer).
Every issuer that named Roy Lipner on a Form D, newest first. A Form D is the notice a company files after it starts selling a private investment.
Raised $5M from 14 investors (100% of the $4.63M target) as of the latest filing. Roy is listed as executive officer, director.
Every row is a Form D or D/A on which the issuer listed this name as a related person. Amount sold and investors are the maximum reported on any filing for this issuer.
Officers, directors, promoters and management entities named on the same filings, as of Oct 23, 2026, 5:45 PM ET.
David L. Warnock is on 21 issuers in total — a repeat sponsor. Their page lists every one.
Donald W. Hughes is on 5 issuers in total — a repeat sponsor. Their page lists every one.
Frank Bonsal, III is on 9 issuers in total — a repeat sponsor. Their page lists every one.
Listed on the same filings as Roy Lipner. Their page shows their other deals.
Individuals are not matched to business registrations — registries list companies, and a name alone is not enough to tie a person to one. Officers and managers appear by name inside each matched company's record on the issuer pages. Registries searched: AL (Alabama Secretary of State — Business Entity Records (arc-sos.state.al.us), searched by issuer name, data as of Oct 24, 2026); CO (Colorado Secretary of State — Business Entities in Colorado (data.colorado.gov), data as of Oct 23, 2026); CT (Connecticut Secretary of the State — Business Registry (data.ct.gov), data as of Oct 24, 2026); FL (Florida Department of State, Division of Corporations — quarterly corporate data file (Sunbiz), data as of Oct 7, 2026); NY (New York Department of State — Corporations and Other Entities (data.ny.gov: All Filings + Active Corporations), data as of Oct 20, 2026); OR (Oregon Secretary of State — Active Businesses, All (data.oregon.gov), data as of Oct 20, 2026); PA (Pennsylvania Department of State — Registered Businesses, Current (data.pa.gov), data as of Oct 6, 2026); TX (Texas Comptroller — Active Franchise Taxpayers incl. Secretary of State file data (data.texas.gov), data as of Oct 24, 2026). Registries of other states have not been searched: many publish no bulk file and require a CAPTCHA or bot challenge on their search page, which we do not bypass (Delaware, for example, offers no public bulk file).
None of the 1 issuer this person is listed on appears in Form ADV (searched 24,962 advisers as of Oct 2, 2026). A person is never an adviser firm; Form ADV is checked for the issuers and the management companies they are listed with.
Searched SEC Regulation A Data Sets (Forms 1-A, 1-K, 1-Z; 2015 Q2 → 2026 Q3); SEC Crowdfunding Offerings Data Sets (Form C family; 2016 Q2 → 2026 Q3); EDGAR form index for 2026 Q3 → 2026 Q4 (51,358 records as of Oct 23, 2026, 8:41 PM ET) — nothing matched this name.
Property records are matched to companies only, never to individuals, so none are matched to Roy Lipner by design. Searched property records in Hillsborough County FL (Clerk recorded-document index Oct 14, 2026 to Oct 15, 2026 + FL DOR 2026 ownership roll), Miami-Dade County FL (FL DOR 2026 ownership roll), Harris County TX (HCAD 2026 ownership roll), Dallas County TX (DCAD 2026 ownership roll), New York City ACRIS documents and PLUTO ownership rows already retrieved for other issuers, Cook County IL sale and ownership rows already retrieved for other issuers (814,874 records as of Oct 23, 2026, 8:59 PM ET) for the 1 issuer this person is listed on — nothing matched.
Websites and social links of the issuers Roy Lipner is listed on: none on file. No website or social profile named in QUESTAR ASSESSMENT, INC.'s SEC filings (Form C, Reg A, Form ADV; checked Oct 24, 2026). Web search for this name: #295,828 of 374,652 in line (1,386 issuers searched so far). One-tap searches: Look further ↓
One-tap searches on sites we do not index ourselves, with the name pre-filled (Apple Valley, MN). Each opens in a new tab; what you find there is not verified by PartnerFacts.
No corrections have been requested for this page.
Free. Logged with status: received → under review → fixed / confirmed with source.
If this is you or your firm, add a sourced explanation next to any fact. Reviewed before publishing.
Members get an email when Roy Lipner appears on a new Form D, or when a court case or SEC action is matched to them. See plans →