Fraud

Any act, practice, or course of business that is manipulative or deceptive may be considered fraud. This includes misrepresenting and omitting material facts. Fraud is deemed such a tremendous violation that all persons are prohibited from engaging in fraudulent activity in connection with securities offers and transactions under the Uniform Securities Act. This means that even persons who don’t need to register under the Act, such as federal covered advisers and out-of-state broker-dealers that only deal with institutional clients, can still have action taken against them by a state administrator if they engage in fraud