645.040 False, fraudulent or deceptive trading practices prohibited; business liable for acts or omissions of agents or employees; effect of federal
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645.040 False, fraudulent or deceptive trading practices prohibited; business liable for acts or omissions of agents or employees; effect of federal law.
(1)It is unlawful for any person, directly or indirectly, in connection with a commodity contract or commodity option:
(a)To employ any device, scheme or artifice to defraud;
(b)To make any false report, enter any false record or make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading;
(c)To engage in any transaction, act, practice or course of business which operates or would operate as a fraud or deceit upon any person; or
(d)To misappropriate or convert the funds, security or property of any other person.
(2)The act, omission or failure of any person acting for any individual, association, partnership, corporation or trust within the scope of the person’s employment or office shall be deemed the act, omission or failure of the individual, association, partnership, corporation or trust, as well as of the person.
(3)This section shall not apply to transactions subject to the exclusive jurisdiction of the Commodity Futures Trading Commission. [1987 c.148 §8]