Section 10-04-15 - Fraudulent practicesIt shall be a fraudulent practice and it shall be unlawful:
1. For any person knowingly to subscribe to, or make or cause to be made, any material false statement or representation in any application, financial statement, or other document or statement required to be filed under any provision of this chapter, or to omit to state any material statement or fact in any such document or statement which is necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading.2. For any person, in connection with the offer, sale, or purchase of any security, directly or indirectly, to: a. Employ any device, scheme, or artifice to defraud;b. 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 light of the circumstances under which they are made, not misleading; orc. Engage in any act, practice, or course of business which operates or would operate as a fraud or deception upon purchasers or the public.3. For any person that advises others for compensation, either directly or indirectly or through publications or writings, as to the value of securities or the advisability of investing in, purchasing, or selling securities or that, for compensation as part of a regular business, issues or promulgates analyses or reports relating to securities:a. To employ a device, scheme, or artifice to defraud another person; orb. To engage in an act, practice, or course of business that operates or would operate as a fraud or deceit upon another person or the public.4. For any person, in connection with the offer, sale, or purchase of any security, or advising a person to offer, sell, or purchase any security, directly or indirectly, to effect a series of transactions creating actual or apparent active trading in any security, or to raise or depress the price of a security, for the purpose of inducing the purchase of the security.