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Securities Law
FEDERAL SECURITIES LAW
 - Securities Act of 1933
 - Securities Act of 1934
    - Rules Promulgated under
      the Securities Act of 1934

STATE SECURITIES LAW

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Selected Sections of the

New York Securities Act

 

Sections included on the New York Securities Act Page:

352 Investigation by attorney-general.   
352-C Prohibited acts constituting misdemeanor: felony.   
352-D Effect of prosecution under previous section.   

 _____________________________________________________________________________

INVESTIGATION BY ATTORNEY-GENERAL   

1. Whenever it shall appear to the attorney-general, either upon complaint or otherwise, that in the  advertisement, investment advice, purchase or sale within this state  of  any  commodity  dealt  in  on  any  exchange within the United States of  America or  the  delivery  of  which  is  contemplated  by  transfer  of negotiable  documents  of  title  all  of  which  are hereinafter called  commodities,  or  that  in  the  issuance,  exchange,  purchase,   sale,  promotion, negotiation, advertisement, investment advice or distribution  within  or  from  this  state, of any stocks, bonds, notes, evidences of  interest or indebtedness or other securities, including oil and  mineral deeds  or  leases and any interest therein, sold or transferred in whole.  Or in part to the purchaser where the same do not effect a  transfer  of the  title  in fee simple to the land, or negotiable documents of title, or foreign currency orders, calls or options therefor hereinafter called security or securities, any person, partnership,  corporation,  company, trust  or  association,  or  any  agent  or employee thereof, shall have employed, or employs, or is  about  to  employ  any  device,  scheme  or artifice  to  defraud or for obtaining money or property by means of any false  pretense,  representation  or  promise,  or  that   any   person, partnership, corporation, company, trust or association, or any agent or employee  thereof,  shall have made, makes or attempts to make within or from this state fictitious or pretended purchases or sales of securities or commodities or that any person,  partnership,  corporation,  company, trust  or association, or agent or employee thereof shall have employed, or employs, or is about to  employ,  any  deception,  misrepresentation, concealment,  suppression,  fraud,  false  pretense or false promise, or shall have engaged in or engages  in  or  is  about  to  engage  in  any practice  or transaction or course of business relating to the purchase, exchange, investment advice or sale of securities or  commodities  which is  fraudulent  or  in  violation of law and which has operated or which would operate as a fraud upon the purchaser, or that any broker, dealer, or salesman, as defined by section three hundred  fifty-nine-e  of  this article,  or any agent or employee thereof, has sold or offered for sale or is attempting to sell  or  is  offering  for  sale  any  security  or securities  in  violation  of  the provisions of said section or section three hundred fifty-nine-ee, or that any other section of  this  article has  been violated, any one or all of which devices, schemes, artifices, fictitious or pretended purchases or sales of securities or commodities, deceptions,  misrepresentations,  concealments,  suppressions,   frauds, false  pretenses, false promises, practices, transactions and courses of business are hereby declared to be and are hereinafter referred to as  a fraudulent  practice  or fraudulent practices or he believes it to be in the public interest that  an  investigation  be  made,  he  may  in  his discretion   either   require   or   permit  such  person,  partnership, corporation, company, trust or association, or  any  agent  or  employee thereof, to file with him a statement in writing under oath or otherwise as  to  all  the  facts  and circumstances concerning the subject matter which he believes it is to the public interest to investigate,  and  for  that  purpose  may  prescribe  forms upon which such statements shall be  made.   The attorney-general  may  also  require  such  other  data  and  information  as  he  may  deem  relevant  and  may make such special and  independent investigations as he may deem necessary in  connection  with  the matter. 

2. The attorney-general, his deputy or other officer designated by him  is  empowered  to  subpoena  witnesses, compel their attendance, examine  them under oath before him or a magistrate, a court of record or a judge  or justice thereof and require the production of  any  books  or  papers  which  he  deems  relevant  or  material  to  the inquiry. Such power of  subpoena and examination shall not abate or terminate by reason  of  any  action or proceeding brought by the attorney-general under this article. 

3. No person shall be excused from attending such inquiry in pursuance  to  the  mandates  of  a subpoena, or from producing a paper or book, or  from being examined or required to answer a question on  the  ground  of  failure  of tender or payment of a witness fee and/or mileage, unless at  the time of such appearance or production, as  the  case  may  be,  such  witness  makes  demand  for such payment as a condition precedent to the  offering of testimony or production required by the subpoena and  unless  such  payment  is  not  thereupon  made.  The  provisions for payment of  witness fee and/or mileage do not apply  to  any  officer,  director  or  person  in  the employ of any person, partnership, corporation, company,  trust or association whose conduct or practices are being investigated. 

4. If a person subpoenaed to attend such inquiry  fails  to  obey  the  command  of  a  subpoena  without  reasonable  cause,  or if a person in  attendance upon such inquiry shall without reasonable cause refuse to be  sworn or to be examined or to answer a question or to produce a book  or  paper  when  ordered so to do by the officer conducting such inquiry, or  if a person, partnership, corporation,  company,  trust  or  association  fails to perform any act required hereunder to be performed, he shall be  guilty of a misdemeanor. 

5.  It  shall  be  the  duty  of  all public officers, their deputies,  assistants, subordinates, clerks or employees and all other  persons  to  render  and  furnish  to  the  attorney-general,  his  deputy  or  other  designated officer when requested  all  information  and  assistance  in  their  possession  or  within  their power. Any officer participating in  such inquiry and any person examined as a witness upon such inquiry  who  shall disclose to any person other than the attorney-general the name of  any witness examined or any other information obtained upon such inquiry  except  as  directed  by  the  attorney-general  shall  be  guilty  of a  misdemeanor. 

PROHIBITED ACTS CONSTITUTING MISDEMEANOR; FELONY 

Prohibited  acts  constituting misdemeanor; felony.

1.   It  shall  be  illegal  and  prohibited   for   any   person,   partnership,  corporation,  company,  trust  or  association, or any agent or employee  thereof, to use or employ any of the following acts or practices:

(a) Any fraud, deception, concealment, suppression, false pretense  or  fictitious or pretended purchase or sale; 

(b)  Any  promise  or  representation as to the future which is beyond  reasonable expectation or unwarranted by existing circumstances; 

(c) Any representation or statement which is false, where  the  person  who  made  such representation or statement:

knew the truth; or

with reasonable effort could have known the  truth;  or

made  no  reasonable effort to ascertain the truth; or

 did not have knowledge  concerning the representation or statement made;  where  engaged  in  to  induce  or  promote  the issuance, distribution,  exchange, sale, negotiation or purchase within or from this state of any  securities or commodities, as defined in section three hundred fifty-two  of this article, regardless of whether issuance, distribution, exchange,  sale, negotiation or purchase resulted. 

2. It shall be illegal and prohibited  for  any  person,  partnership,  corporation,  company,  trust  or  association, or any agent or employee  thereof, to engage in any  artifice,  agreement,  device  or  scheme  to  obtain  money, profit or property by any of the means prohibited by this  section. 

3. It shall be illegal and prohibited  for  any  person,  partnership,  corporation,  company,  trust  or  association, or any agent or employee  thereof, engaged in the  sale  of  any  securities  or  commodities,  as  defined  in  section  three hundred fifty-two of this article, within or  from the state of New York to represent that they are an  “exchange”  or  use  the  word “exchange,” or any abbreviation or derivative thereof, in  its name or assumed name unless it is registered with the Securities and  Exchange Commission as  a  national  securities  exchange,  pursuant  to  section six of the Securities and Exchange Act of 1934, or unless it has  been  designated  as  a contract market by the Commodity Futures Trading  Commission, pursuant to section five of the Commodity Exchange Act. 

4.  Except  as  provided  in  subdivision  five  or  six,  a   person,  partnership, corporation, company, trust or association, or any agent or  employee  thereof, using or employing any act or practice declared to be  illegal  and  prohibited  by  this  section,  shall  be  guilty   of   a  misdemeanor. 

5.   Any   person,   partnership,   corporation,   company,  trust  or  association, or any agent or employee thereof who intentionally  engages  in  any  scheme constituting a systematic ongoing course of conduct with  intent to defraud ten or more persons or to obtain property from ten  or  more  persons  by  false  or  fraudulent  pretenses,  representations or  promises, and so obtains property from one or more of such persons while  engaged in inducing or promoting the issuance,  distribution,  exchange,  sale,  negotiation  or  purchase  of  any  securities or commodities, as  defined in this article, shall be guilty of a class E felony.

6.  Any  person,   partnership,   corporation,   company,   trust   or  association,  or any agent or employee thereof who intentionally engages  in  fraud,  deception,  concealment,  suppression,  false  pretense   or  fictitious  or  pretended  purchase  or  sale, or who makes any material  false representation or statement with intent  to  deceive  or  defraud,  while  engaged  in  inducing  or  promoting  the issuance, distribution,  exchange, sale, negotiation or purchase within or from this state of any  securities or commodities, as  defined  in  this  article,  and  thereby  wrongfully  obtains  property  of a value in excess of two hundred fifty  dollars, shall be guilty of a class E felony. 

EFFECT OF PROSECUTION UNDER PREVIOUS SECTION 

Effect  of  prosecution  under  previous section. A person,  partnership, corporation, company, trust or association or any agent  or  employee   thereof   that,   having  engaged  in  any  act  or  practice  constituting a violation of section three hundred  fifty-two-c  of  this  article,   commits  additional  acts  under  such  circumstances  as  to  constitute a felony, the crime of conspiracy,  petit  larceny,  or  more  than  one  of  the aforesaid, is punishable therefor, as well as for the  violation of that  section,  and  may  be  prosecuted  for  each  crime,  separately or in the same information or indictment, notwithstanding any  other provision of law.    


USinvestorlaw.com Disclaimer
The above is not the complete act. This page contains only certain sections of the statute which we believe you may find informative. We do not and cannot guarantee the above sections are current law in this state. Legislatures may enact revised statutes at any time. Moreover these sections are presented for informational purposes only and are presented "as is" with all faults and with no warranties or guarantees as to the accuracy. Further, The content on these pages are not offered or intended to be legal advice by this firm for any purpose or manner whatsoever. If you require the current and complete version of the Law in your state, you should visit the Legislature home page of the particular state for more information or contact an attorney for advice on obtaining such information.

 
 
 
 

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