502.501 General fraud. It is unlawful for a person, in connection with the offer, sale, or purchase of a security, directly or indirectly: 1. To employ a device, scheme, or artifice to defraud; 2. To make an 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 were made, not misleading; or 3. To engage in an act, practice, or course of business that operates or would operate as a fraud or deceit upon another person. [C77, 79, 81, §502.501] 87 Acts, ch 53, §12; 97 Acts, ch 114, §14; 98 Acts, ch 1106, §16, 24; 2004 Acts, ch 1161, §38, 68 Referred to in §502.508, 502.610
Iowa Legal Code