61-1-1 - Fraud unlawful.
61-1-1. Fraud unlawful.
It is unlawful for any person, in connection with the offer, sale, or purchase of anysecurity, 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 factnecessary in order to make the statements made, in the light of the circumstances under whichthey are made, not misleading; or
(3) engage in any act, practice, or course of business which operates or would operate asa fraud or deceit upon any person.
It is unlawful for any person, in connection with the offer, sale, or purchase of anysecurity, 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 factnecessary in order to make the statements made, in the light of the circumstances under whichthey are made, not misleading; or
(3) engage in any act, practice, or course of business which operates or would operate asa fraud or deceit upon any person.
Amended by Chapter 284, 1983 General Session