Florida Statutes 625.77 – Unlawful to sell equity security not owned; delayed delivery
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(1) It is unlawful for any person reporting securities under s. 625.75 to sell, directly or indirectly, any equity security of a company named in such report if the person or the person’s principal:
(a) Does not own the security sold;
Terms Used In Florida Statutes 625.77
- equity security: when used in this part means:(1) Any stock or similar security;(2) Any security convertible, with or without consideration, into such a security, or carrying any warrant or right to subscribe to or purchase such a security;(3) Any such warrant or right; or(4) Any other security which the commission deems to be of similar nature and considers necessary or appropriate, by such rules as it may prescribe in the public interest or for the protection of investors, to treat as an equity security. See Florida Statutes 625.80
- 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
(b) If owning the security, does not deliver it against such sale within 20 days thereafter; or(c) Does not within 5 days after such sale deposit it in the mails or other usual channels of transportation.
(2) No person shall be deemed to have violated this section if he or she proves that, notwithstanding the exercise of good faith, he or she was unable to make such delivery or deposit within such time.