Pennsylvania Statutes Title 70 P.S. Securities § 1-401. 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.


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