In connection with the offer to sell, sale, offer to purchase, or purchase of a security, a person may not, directly or indirectly: (1) Employ a device, scheme, or artifice to defraud; (2) Make an untrue statement of a material fact or omit to state a material fact necessary in order to make the statement made, in the light of the circumstances under which they are made, not misleading; or (3) Engage in an act, practice, or course of business that operates or would operate as a fraud or deceit on a person.
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