OAR 441-870-0020. General Definition

“Manipulative, Deceptive, or Fraudulent Device or Contrivance” and “Fraudulent, Deceptive, or Manipulative Act or Practice” are defined to include: (1) Any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person; (2) The making of any untrue statement of a material fact and any omission to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading; or (3) Any representation by a licensee or a person acting on behalf of a licensee, that the licensing of any person with the Director or the failure of the Director to deny or revoke such license, indicates, in any way, that the Director has passed upon or approved the financial standing, business, or conduct of any person, or the merits of any transaction.