2002 Minnesota Statutes

     80A.03 Unlawful activities.  

    It is unlawful for any person to effect any transaction in, 
 or to induce the purchase or sale of any security by means of 
 any manipulative, deceptive or other fraudulent device or 
 contrivance, including any fictitious quotation.  The terms 
 "manipulative, deceptive, or other fraudulent device or 
 contrivance" shall include, but shall not be limited to, the 
 following practices: 

    (a) effecting any transaction in a security which involves 
 no change in the beneficial ownership thereof, or entering any 
 order or orders for the purchase or sale of any security with 
 the knowledge that an order or orders of substantially the same 
 size, at substantially the same time, and at substantially the 
 same price, for the sale or purchase of the security, have been 
 or will be entered by or for the same or affiliated persons, for 
 the purpose of creating a false or misleading appearance of 
 active trading in the security or a false or misleading 
 appearance with respect to the market for the security; 

    (b) effecting, alone or with one or more other persons, a 
 series of transactions in any security creating actual or 
 apparent active trading in the security or raising or depressing 
 the price of the security, for the purpose of inducing the 
 purchase or sale of the security by others; or 

    (c) inducing the purchase or sale of any security by the 
 circulation or dissemination of information to the effect that 
 the price of the security will or is likely to rise or fall 
 because of market operations of any one or more persons 
 conducted for the purpose of raising or depressing the price of 
 the security, if the person circulating or disseminating the 
 information is selling or offering to sell or purchasing or 
 offering to purchase the security or is receiving a 
 consideration, directly or indirectly, from any person to whom 
 the information is circulated or disseminated. 

    HIST: 1973 c 451 s 3; 1986 c 444