Arizona Revised Statutes
Ariz. Rev. Stat. § 44-1841 (2026)
Sale of unregistered securities prohibited; classification
✓ current as of May 2026
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A. It is unlawful to sell or offer for sale within or from this state any securities unless the securities have been registered pursuant to article 6 or 7 of this chapter or are federal covered securities if the securities comply with section 44-1843.02 or chapter 13, article 12 of this title.
B. A person violating this section is guilty of a class 4 felony.
Notes of Decisions
Cited in 53
cases (4 in the last 5 years), 1962–2025 · leading case: Shorey v. Arizona Corp. Comm'n, 359 P.3d 997 (Ariz. Ct. App. 2015).
Shorey v. Arizona Corp. Comm'n, 359 P.3d 997 (Ariz. Ct. App. 2015). “¶ 7 In March 2011, the Commission’s Securities Division initiated administrative proceedings against Appellants alleging violations of AR.S. §§ 44-1841 (prohibiting the sale of unregistered securities), -1842 (prohibiting the sale of securities by unregistered dealers and…”
Arizona Corp. Comm'n v. Media Prods., Inc., 763 P.2d 527 (Ariz. Ct. App. 1988). “That A.R.S. § 44-1841 required the registration of securities sold entirely to persons residing outside of the state by an underwriter located outside of the state on behalf of a foreign corporation having a base of operations in Arizona; and 2.”
State v. Cook, 916 P.2d 1074 (Ariz. Ct. App. 1995). “section 44-1841 (sale of unregistered securities), with one of these counts, Count 7, including A.”
State v. Tober, 841 P.2d 206 (Ariz. 1992). “We are asked to decide whether A.R.S. § 44-1841, prohibiting the sale of unregistered securities, and A.”
MacCollum v. Perkinson, 913 P.2d 1097 (Ariz. Ct. App. 1996). “section 44-1841 (1994). The statute does not explicitly grant a private cause of action for its violation.”
Greenfield v. Cheek, 593 P.2d 293 (Ariz. Ct. App. 1978). “Counts I through III alleged stock registration violations: Count I was under Arizona law (A.R.S. § 44-1841); Count II was under California and Illinois law; and Count III was under federal law (§ 5 and § 12 of the Securities Act of 1933).”
Siporin v. Carrington, 23 P.3d 92 (Ariz. Ct. App. 2001). “section 44-1801(23) (Supp.1999), and that Appellants’ purchases were subject to rescission under A.”
State v. Baumann, 610 P.2d 38 (Ariz. 1980). “§ 44-1991, seven counts of sale of unregistered securities in violation of A.R.S. § 44-1841, seven counts of sale of securities by an unregistered dealer in violation of A.”
Polaris Int'l Metals Corp. v. Arizona Corp. Comm'n, 652 P.2d 1023 (Ariz. 1982). “S-1343-I issued March 26, 1971; (2) hold A.R.S. § 44-1841 unconstitutional to the extent it applies to interstate commerce; (3) rule that Polaris’ stock sales from January 1, 1973 to the time the complaint was filed were within the exemptions of A.”
E. Vanguard Forex Ltd. v. Arizona Corp. Comm'n, 79 P.3d 86 (Ariz. Ct. App. 2003). “The Commission further concluded that FISC, EVFL, Simmons, and Cho had offered or sold these unregistered securities within or from Arizona and that they had offered or sold them while not registered as dealers or salesmen in violation of §§ 44-1841 and - 1842. The Commission…”
NORTH STAR Int'l, a Nevada Corp., Plaintiff-Appellant, v. the ARIZONA Corp. Comm'n, Et Al., Defendants-Appellees, 720 F.2d 578 (9th Cir. 1983). “A person violating this section is guilty of a class 4 felony, Ariz.Rev.Stat.Ann. § 44-1841 (Supp.1982).”
People Ex Rel. Babbitt v. Green Acres Trust, 618 P.2d 1086 (Ariz. Ct. App. 1980). “This was done without registration of either the debentures or the salesmen with the Arizona Corporation Commission as required by A.R.S. §§ 44-1841 and -1842. A “no-action” letter issued by the Securities Division of the Arizona Corporation Commission in 1961 stated, on the…”
— Ariz. Rev. Stat. § 44-1841(A) — 4 cases
Arizona Corp. Comm'n v. Media Prods., Inc., 763 P.2d 527 (Ariz. Ct. App. 1988). “That A.R.S. § 44-1841 required the registration of securities sold entirely to persons residing outside of the state by an underwriter located outside of the state on behalf of a foreign corporation having a base of operations in Arizona; and 2.”
Polaris Int'l Metals Corp. v. Arizona Corp. Comm'n, 652 P.2d 1023 (Ariz. 1982). “S-1343-I issued March 26, 1971; (2) hold A.R.S. § 44-1841 unconstitutional to the extent it applies to interstate commerce; (3) rule that Polaris’ stock sales from January 1, 1973 to the time the complaint was filed were within the exemptions of A.”
State v. Tober, 841 P.2d 206 (Ariz. 1992). “We are asked to decide whether A.R.S. § 44-1841, prohibiting the sale of unregistered securities, and A.”
Ventures 7000 v. Acc (Ariz. Ct. App. 2022).
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