(a) It is unlawful for any person, in connection with the offer or sale of any business opportunity in this State or any offer or sale pursuant to the exemptions granted under subdivisions 5-10(a), (c), (d), or (h), directly or indirectly: (1) to employ any device, scheme or artifice to defraud; (2) 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 (3) to engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon any person. (b) No person shall, either directly or indirectly, do any of the following: (1) offer or sell any business opportunity without registration under this Act unless the person offering or selling the opportunity is exempt under the Act; (2) fail to file with the Secretary of State any application, report, document, or answer required to be filed under the provisions of this Act or any rule made by the Secretary of State pursuant to this Act or fail to comply with the terms of any order issued pursuant to this Act or any rules adopted by the Secretary of State; or (3) fail to keep or maintain any records as is required under the provisions of this Act or any rule adopted by the Secretary of State pursuant to this Act. defraud; 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 business which operates or would operate as a fraud or deceit upon any person. registration under this Act unless the person offering or selling the opportunity is exempt under the Act; application, report, document, or answer required to be filed under the provisions of this Act or any rule made by the Secretary of State pursuant to this Act or fail to comply with the terms of any order issued pursuant to this Act or any rules adopted by the Secretary of State; or required under the provisions of this Act or any rule adopted by the Secretary of State pursuant to this Act.
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