Hawaii Revised Statutes
485A. Uniform Securities Act
485A-501 General fraud.

§485A-501 General fraud. (a) It shall be unlawful for a person, in connection with the offer, sale, or purchase of a security, directly or indirectly:
(1) To employ a device, scheme, or artifice to defraud;
(2) To make an untrue statement of a material fact or to fail to state a material fact necessary to make the statements made, in light of the circumstances under which they were made, not misleading;
(3) To engage in an act, practice, or course of business that operates or would operate as a fraud or deceit upon another person;
(4) To issue, circulate, or publish any prospectus, circular, advertisement, printed matter, document, pamphlet, leaflet, or other literature (in this chapter collectively referred to as "advertising matter"), which contains an untrue statement of a material fact or fails to state a material fact necessary to make the statements therein made, in light of the circumstances under which they are made, not misleading;
(5) To issue, circulate, or publish any advertising matter or make any written representation, unless the name of the person issuing, circulating, publishing, or making the same and the fact that the person is issuing, circulating, or making the same shall be clearly indicated thereon;
(6) To make any statement or representation or issue, circulate, or publish any advertising matter containing any statement, to the effect that the security has been in any way approved or endorsed by the commissioner; or
(7) To issue, circulate, or publish any advertising matter unless a copy thereof has been previously filed with the office of the commissioner, or unless the commissioner has by rule adopted or order issued under this chapter exempted the filing of any advertising material.
(b) Subsections (a)(5) and (7) shall not apply to any advertising matter that is covered by section 18(a) of the Securities Act of 1933 (15 U.S.C. 77), and that relates to or is used in connection with the offer or sale of a federal covered security. [L 2006, c 229, pt of §1; am L 2012, c 54, §3]

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