Section 17-4-501 - General fraud(a) It is unlawful for a person, in connection with the offer, sale, or purchase of a security, directly or indirectly:(i) To employ a device, scheme, or artifice to defraud;(ii) 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(iii) To engage in an act, practice, or course of business that operates or would operate as a fraud or deceit upon another person.Added by Laws 2016 , ch. 22, § 1, eff. 7/1/2017.