Louisiana Revised Statutes 51:4 – Fraud; penalty
Terms Used In Louisiana Revised Statutes 51:4
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
No person shall misstate the condition of farm products or other products enumerated in La. Rev. Stat. 51:1, or the condition of the market, or any sale made, with intent to defraud, and no commission merchant shall take to his own account, or sell to himself or to any firm, partnership, corporation or association, of which he is a part or is agent, or is in any way interested, any part of any consignment, if such taking to account or sale is made to deceive or defraud the consignor, or to reduce the grade, value, or market price of the consignment or any part of it, or for the purpose of holding the consignment or any part of it off the market temporarily in order to sell to his own advantage or that of such firm, partnership, corporation, or association.
Whoever violates this Section shall be fined not less than twenty-five dollars nor more than one hundred dollars, and imprisoned for not less than thirty days nor more than six months.