Ariz. Rev. Stat. § 44-3241 – Fraud in provision of investment advisory services; liability; violation; classification

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. 1. Employ any device, scheme or artifice to defraud.
2. 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. 3. Misrepresent any professional qualifications with the intent that the client rely on the misrepresentation.
4. 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.