SEC
RULE 10b-5
17
C.F.R. § 240.10b-5 (1990)
It shall be unlawful for any person,
directly or indirectly, by the use of any means or instrumentality of
interstate commerce, or of the mails or of any facility of any national
securities exchange,
(a) To employ any device, scheme, or
artifice to defraud,
(b) To 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 were
made, not misleading, or
(c) To engage in any act, practice,
or course of business which operates or would operate as a fraud or deceit upon
any person, in connection with the purchase or sale of any security.