Section 10-5-50. Unlawful practices with offer, sale, or purchase of security

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

   (1) To employ a device, scheme, or artifice to defraud;

   (2) To make an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statement made, in the light of the circumstances under which it is made, not misleading; or

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

Code 1981, § 10-5-50, enacted by Ga. L. 2008, p. 381, § 1/SB 358.