61-1-1. Fraud unlawful.
103 words·~1 min read·
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61-1-1. Fraud unlawful.
It is unlawful for any person, in connection with the offer, sale, or purchase of any security, directly or indirectly to:
(1)employ any device, scheme, or artifice to defraud;
(2)make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading; or
(3)engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person.
Amended by Chapter 284 , 1983 General Session