Section 32-1-101 - Sales and purchasesIt is unlawful for any person, in connection with the offer, sale or purchase of any security, directly or indirectly
(1) To employ any device, scheme or artifice to defraud;(2) 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 are made, not misleading; or(3) To engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon any person.