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Can you summarize NYCL GBS Article 23-A?
General Business > Fraudulent Practices In Respect to Stocks, Bonds and Other Securities
Short Summary
This legal document governs fraudulent practices in respect to stocks, bonds, and other securities. It applies to any person, partnership, corporation, company, trust or association, or any agent or employee thereof. The document prohibits various acts and practices such as fraud, deception, false representations, and fictitious purchases or sales, with the intent to induce or promote the issuance, distribution, exchange, sale, negotiation, or purchase of securities or commodities. Engaging in prohibited acts is a misdemeanor, except for cases where a systematic ongoing course of conduct with intent to defraud ten or more persons or obtaining property from ten or more persons by false or fraudulent means occurs, which is a class E felony. Additionally, engaging in fraud, deception, false pretenses, or making material false representations or statements with intent to deceive or defraud and wrongfully obtaining property of a value exceeding two hundred fifty dollars is also a class E felony.
Whom does it apply to?
Any person, partnership, corporation, company, trust or association, or any agent or employee thereof
What does it govern?
Fraudulent practices in respect to stocks, bonds, and other securities
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Engaging in prohibited acts is a misdemeanor, except for cases where a systematic ongoing course of conduct with intent to defraud ten or more persons or obtaining property from ten or more persons by false or fraudulent means occurs, which is a class E felony. Additionally, engaging in fraud, deception, false pretenses, or making material false representations or statements with intent to deceive or defraud and wrongfully obtaining property of a value exceeding two hundred fifty dollars is also a class E felony.
Jurisdiction
New York