It is grounds for disciplinary action if any person, in connection with the purchase or sale of any security issued by a private investment company or an affiliated company or in connection with any document required to be filed pursuant to this part or The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Amendment 100:

1. (1) Employs any device, scheme, or artifice to defraud;
2. (2) Makes any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading;
3. (3) Engages in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person; or
4. (4) Causes any document, correspondence, filing, or statement containing materially untrue, incorrect, or misleading information to be made or filed with the Arkansas Racing Commission, regardless of whether said information has been made or filed with another regulatory agency.