4.1.12.3. Fraudulent Interstate Transactions
Section 17 of the Securities Act declares it unlawful in the offer or sale of any securities to:
• Employ any device, scheme, or artifice to defraud
• Profit by means of an untrue statement or omission of a material fact
• Engage in any transaction or activity that would defraud or deceive the purchaser
Section 17 further prohibits any person (in this case