Arkansas Code
Subchapter 5 - Regulation of Transactions
§ 23-42-508. Market manipulation

It is unlawful for any person, directly or indirectly, in this state:
(1) To effect any transaction in a security which involves no change in the beneficial ownership thereof, or to enter any orders for the purchase or sale of any security with the knowledge that 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;
(2) To effect, alone or with one (1) 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
(3) To induce 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 (1) or more persons conducted for the purpose of raising or depressing the price of the security, if he or she is selling or offering to sell or purchasing or offering to purchase the security or is receiving a consideration, directly or indirectly, from that person.

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