Section 409.5-501 - General fraudIt is unlawful for a person, in connection with the offer, sale, or purchase of a security, directly or indirectly:
(1) To employ a device, scheme, or artifice to defraud;(2) To make an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statement made, in the light of the circumstances under which it is made, not misleading; or(3) To engage in an act, practice, or course of business that operates or would operate as a fraud or deceit upon another person. L. 2003H.B. 380
Effective 9/1/2003