When raising capital for outpatient surgery projects, most physicians and management companies assume they can rest easy if the transaction complies with fraud-and-abuse and anti-referral statutes. But the penalties for violating securities laws could include large fines, hefty legal defense costs and jail time - and you'd have to rescind the transaction and refund investors' money, with interest. Here, I'll explain Securities and Exchange Commission (SEC) rules for buying and selling outpatient center securities and steps to take to avoid penalties.