Va. Code Ann. § 13.1-502

Unlawful offers and sales

Known as the Securities Act

The act spans §§ 13–13 (40 sections).

Applied in 20 court decisions — leading case Newman v. Prior (1975)

Most recently applied in 918 F. Supp. 2d 532 - Pyott-Boone Electronics Inc. v. IRR Trust for Fetterolf Dated December 9, 1997 (January 2013)

1956, c. 428.

How often courts cite this section

citing decisions per year

Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.

It shall be unlawful for any person in the offer or sale of any securities, directly or indirectly,

(1) To employ any device, scheme or artifice to defraud, or

(2) To obtain money or property by means of any untrue statement of a material fact or any omission 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

(3) To engage in any transaction, practice or course of business which operates or would operate as a fraud or deceit upon the purchaser.

Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.