13.1-502 - Unlawful offers and sales. - Virginia Statutes

§ 13.1-502. Unlawful offers and sales.

It shall be unlawful for any person in the offer or sale of any securities,directly or indirectly,

(1) To employ any device, scheme or artifice to defraud, or

(2) To obtain money or property by means of any untrue statement of amaterial fact or any omission to state a material fact necessary in order tomake the statements made, in the light of the circumstances under which theywere made, not misleading, or

(3) To engage in any transaction, practice or course of business whichoperates or would operate as a fraud or deceit upon the purchaser.

(1956, c. 428.)