6.5.1. Anti-Fraud
Because the Securities Act set the basic ground rules for securities regulation, parts of it are worded very broadly. Among these are two very broad anti-fraud provisions. First, in an offer or sale of securities, the Act makes it unlawful to:
• employ any device, scheme, or artifice to defraud
• profit by means of an untrue statement or omission of material fact made at or before the time of purchase
• engage in any transaction or activity that would defra