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Misrepresentation
- Securities Fraud
Section
10 of the Securities Exchange Act of
1934
SEC
Rule 10b5
Sec.
15 of the Exchange Act
Section
12 of the Illinois Securities Act
Section 10
of the Securities Exchange Act of 1934
states:
"It
shall be unlawful for any person...(b) To use or employ,
in connection with the purchase or sale of any
security...any manipulative or deceptive device or
contrivance in contravention of such rules and
regulations as the Commission may prescribe... ."
SEC Rule
10b5, provides that:
"It
shall be unlawful for any person...,
(a) to employ
any device, scheme, or artifice to defraud,
(b) to 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 were made, not misleading, or
(c) to engage
in any act, practice, or course of business which
operates or would operate as a fraud or deceit upon any
person, in connection with the purchase or sale of any
security.
Sec. 15 of
the Exchange Act states:
"No
broker...shall... effect any transaction in, or induce or
attempt to induce the purchase or sale of any
security...by means of any manipulative, deceptive, or
other fraudulent device or contrivance."
Section 12
of the Illinois Securities Act states:
"It
shall be a violation of the provisions of this Act for
any person:
* * *
F. To engage
in any transaction, practice or course of business in
connection with the sale or purchase of securities which
works or tends to work a fraud or deceit upon the
purchaser or seller thereof.
G. To obtain
money through the sale of securities by means of any
untrue statement of a material fact or any omission to
state a material fact necessary in order to make the
statements made, in light of the circumstances under
which they were made, not misleading.
* *
*
I. To employ
any device, scheme or artifice to defraud in connection
with the sale or purchase of any security, directly or
indirectly."
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