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Can you summarize FLCL 517.301?
SECURITIES TRANSACTIONS > Fraudulent transactions; falsification or concealment of facts.
Short Summary
This section of the Florida Statutes, specifically under the Regulation of Trade, Commerce, Investments, and Solicitations, governs fraudulent transactions and the falsification or concealment of facts in relation to investment advice and the offer, sale, or purchase of any investment or security. It is unlawful and a violation of the provisions of this chapter for any person involved in these activities to employ any device, scheme, or artifice to defraud, obtain money or property through untrue statements or omissions of material facts, or engage in any transaction, practice, or course of business that operates or would operate as a fraud or deceit upon a person. The section also prohibits the publication, circulation, or giving publicity to any notice, circular, advertisement, or communication that describes a security for a consideration without fully disclosing the receipt of such consideration. Additionally, it is a violation to knowingly and willfully falsify, conceal, or cover up a material fact, make false statements or representations, or use false writing or documents in any matter within the jurisdiction of the office. The term ‘investment’ is defined as any commitment of money or property induced by a representation of economic benefit, with certain exceptions for the purchase of a business opportunity, business enterprise, or real property through licensed or registered individuals, and the purchase of tangible personal property meeting specific conditions. The penalties for non-compliance or violation of this section are not explicitly mentioned in the provided content.
Whom does it apply to?
Any person involved in the rendering of investment advice or in the offer, sale, or purchase of any investment or security
What does it govern?
Fraudulent transactions; falsification or concealment of facts
What are exemptions?
Securities exempted under the provisions of s. 517.051 and securities sold in a transaction exempted under the provisions of s. 517.061
What are the Penalties?
Unlawful and a violation of the provisions of this chapter
Jurisdiction
Florida