SECTION 10(b) OF THE
SECURITIES EXCHANGE ACT OF 1934
15
U.S.C. § 78j(b) (1988)
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-
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(b) To use or employ, in connection
with the purchase or sale of any security registered on a national securities
exchange or any security not so registered, any manipulative or deceptive
device or contrivance in contravention of such rules and regulations as the
Commission may prescribe as necessary or appropriate in the public interest or
for the protection of investors.