Florida Statutes 517.312 – Securities, investments, boiler rooms; prohibited practices; remedies
Current as of: 2023 | Check for updates
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(1) It is unlawful and a violation of this chapter for any person:
(a) To offer or sell, in this state or from this state, any security or investment when such offer or sale is in violation of s. 517.301 or s. 517.311; or
Terms Used In Florida Statutes 517.312
- Boiler room: means an enterprise in which two or more persons engage in telephone communications with members of the public using two or more telephones at one location, or at more than one location in a common scheme or enterprise. See Florida Statutes 517.021
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- offer: means an attempt or offer to dispose of, or solicitation of an offer to buy, a security or interest in a security, or an investment or interest in an investment, for value. See Florida Statutes 517.021
- person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
- Security: includes any of the following:(a) A note. See Florida Statutes 517.021
- sell: means a contract of sale or disposition of an investment, security, or interest in a security, for value. See Florida Statutes 517.021
(b) To directly or indirectly manage, supervise, control, or own, either alone or in association with others, any boiler room in this state which sells or offers for sale any security or investment in violation of paragraph (a).
(2) Any purchaser of a security or investment sold in violation of subsection (1) is entitled to rescind such purchase at any time and recover damages as provided in s. 517.211(3)(a), (4), and (6).