32 M.R.S. §16501: General fraud

It is unlawful for a person, in connection with the offer, sale or purchase of a security, directly or indirectly:

1. Device, scheme, artifice. To employ a device, scheme or artifice to defraud;

2. Untrue statement of or omission of material fact. To make an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading; or

3. Fraud, deceit. To engage in an act, practice or course of business that operates or would operate as a fraud or deceit upon another person.