Arizona § 44-3241 Fraud in provision of investment advisory services; liability; violation; classification

Arizona Statutes

§ 44-3241 — Fraud in provision of investment advisory services; liability; violation; classification

Arizona § 44-3241

Title 44Arizona Revised Statutes

Ch. 13INVESTMENT MANAGEMENT

Art. 9Fraudulent Practices

This text of Arizona § 44-3241 (Fraud in provision of investment advisory services; liability; violation; classification) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 44-3241 (2026).

Text

A.It is a fraudulent practice and unlawful for a person, in connection with a transaction or transactions within or from this state involving the provision of investment advisory services, directly or indirectly, to do any of the following:

1.Employ any device, scheme or artifice to defraud.

2.Make any untrue statement of material fact, or fail to state any material fact necessary in order to make the statement made, in the light of the circumstances under which it was made, not misleading.

3.Misrepresent any professional qualifications with the intent that the client rely on the misrepresentation.

4.Engage in any transaction, practice or course of business that operates or would operate as a fraud or deceit.

B.A person who violates this section is liable to any person for all l

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A. It is a fraudulent practice and unlawful for a person, in connection with a transaction or transactions within or from this state involving the provision of investment advisory services, directly or indirectly, to do any of the following:

1. Employ any device, scheme or artifice to defraud.

2. Make any untrue statement of material fact, or fail to state any material fact necessary in order to make the statement made, in the light of the circumstances under which it was made, not misleading.

3. Misrepresent any professional qualifications with the intent that the client rely on the misrepresentation.

4. Engage in any transaction, practice or course of business that operates or would operate as a fraud or deceit.

B. A person who violates this section is liable to any person for all losses incurred by that person as a result of the violation, together with interest on losses incurred, court costs and reasonable attorney fees. A civil action under this section is barred unless it is brought within three years after the violation or within two years after discovery of the facts constituting the violation, whichever occurs first.

C. A person who violates this section is guilty of a class 4 felony.