70 Pa. Stat. § 1-401 : Statutes (Unconsolidated) — SECURITIES — PENNSYLVANIA SECURITIES ACT OF 1972 — FRAUDULENT AND PROHIBITED PRACTICES —401 - Sales and purchases

It is unlawful for any person, in connection with the offer, sale or purchase of any security in this State, directly or indirectly:

(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 are 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.

70 P.S. § 1-401

1972, Dec. 5, P.L. 1280, No. 284, § 401, effective 1/1/1973.
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