What are the elements of a claim under Section 17(a) of the Securities Act?
MultiRegion, United States of America
The following excerpt is from Sec. & Exch. Comm'n v. Frohling, No. 13-3191-cv, No. 14-2301-cv(L), No. 14-2937-cv(XAP), No. 15-3978-cv (2nd Cir. 2016):
The elements of a claim under 17(a) of the Securities Act, which prohibits fraud in the "offer or sale" of a security, 15 U.S.C. 77q(a), are "[e]ssentially the same" as the elements of claims under 10(b) and Rule 10b-5. SEC v. Monarch Funding Corp., 192 F.3d at 308.
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