SDCL § 37-25A-43: Fraud, deceit, and misleading statements and omissions prohibited in connection with offer or sale.

No person, in connection with the offer or sale of any business opportunity in this state, may:

(1) Employ any device, scheme, or artifice to defraud;

(2) Make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading; or

(3) Engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person.