It is unlawful and deemed a Class D3 felony offense for any subdivider, agent, or affiliate of either, in connection with the offer or disposition in this state of any subdivided land, directly or indirectly, to:
1. Employ any device, scheme or artifice to defraud;
2. Make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading; or 3. Engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon any person.