Florida Statutes

Fla. Stat. § 517.301 (2025)

Fraudulent transactions; falsification or concealment of facts.

✓ 2025 Florida Statutes — current through the 2025 Regular Session

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517.301 Fraudulent transactions; falsification or concealment of facts.—

(1) It is unlawful and a violation of this chapter for a person:

(a) In connection with the rendering of any investment advice or in connection with the offer, sale, or purchase of any investment or security, including any security exempted under s. 517.051 and including any security sold in a transaction exempted under s. 517.061, s. 517.0611, or s. 517.0612, directly or indirectly:

1. To employ any device, scheme, or artifice to defraud;

2. To obtain money or property by means of any untrue statement of a material fact or any omission to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading; or

3. To engage in any transaction, practice, or course of business which operates or would operate as a fraud or deceit upon a person.

(b) By use of any means, to publish, give publicity to, or circulate any notice, circular, advertisement, newspaper, article, letter, investment service, communication, or broadcast that, although not purporting to offer a security for sale, describes such security for a consideration received or to be received directly or indirectly from an issuer, underwriter, or dealer, or from an agent or employee of an issuer, underwriter, or dealer, without fully disclosing the receipt, whether past or prospective, of such consideration and the amount of the consideration.

(c) In any matter within the jurisdiction of the office, to knowingly and willfully falsify, conceal, or cover up, by any trick, scheme, or device, a material fact, make any false, fictitious, or fraudulent statement or representation, or make or use any false writing or document, knowing the same to contain any false, fictitious, or fraudulent statement or entry.

(2) For purposes of this section, the term “investment” means any commitment of money or property principally induced by a representation that an economic benefit may be derived from such commitment, except that the term does not include a commitment of money or property for:

(a) The purchase of a business opportunity, business enterprise, or real property through a person licensed under chapter 475 or registered under former chapter 498; or

(b) The purchase of tangible personal property through a person not engaged in telephone solicitation, electronic mail, text messages, social media, or other electronic means where there are no specific representations or guarantees made by the offeror or seller as to the economic benefit to be derived from the purchase.

(3) It is unlawful for a person in issuing or selling a security within this state, including a security exempted under s. 517.051 and including a transaction exempted under s. 517.061, s. 517.0611, or s. 517.0612, to misrepresent that such security or person has been guaranteed, sponsored, recommended, or approved by the state or an agency or officer of the state or by the United States or an agency or officer of the United States.

(4) It is unlawful for a person registered or required to be registered, or subject to the notice requirements, under this chapter, including such persons and issuers who are subject to s. 517.051, s. 517.061, s. 517.0611, s. 517.0612, or s. 517.081, to misrepresent that such person has been sponsored, recommended, or approved, or that such person’s abilities or qualifications have in any respect been approved, by the state or an agency or officer of the state or by the United States or an agency or officer of the United States.

(5) It is unlawful and a violation of this chapter for a person in connection with the offer or sale of an investment to obtain money or property by means of:

(a) A misrepresentation that the investment offered or sold is guaranteed, sponsored, recommended, or approved by the state or an agency or officer of the state or by the United States or an agency or officer of the United States; or

(b) A misrepresentation that such person is sponsored, recommended, or approved, or that such person’s abilities or qualifications have in any respect been approved, by the state or an agency or officer of the state or by the United States or an agency or officer of the United States.

(6)(a) Subsection (3) or subsection (4) may not be construed to prohibit a statement that a person or security is registered or has made a notice filing under this chapter if such statement is required by this chapter or rules promulgated thereunder and is true in fact and if the effect of such statement is not a misrepresentation.

(b) A statement that a person is registered made in connection with the offer or sale of a security under this chapter must include the following disclaimer: “Registration does not imply that such person has been sponsored, recommended, or approved by the state or an agency or officer of the state or by the United States or an agency or officer of the United States.”

1. If the statement of registration is made in writing, the disclaimer must immediately follow such statement and must be in the same size and style of print as the statement of registration.

2. If the statement of registration is made orally, the disclaimer must be made or broadcast with the same force and effect as the statement of registration.

(7) It is unlawful and a violation of this chapter for a person to directly or indirectly manage, supervise, control, or own, either alone or in association with others, a boiler room in this state which sells or offers for sale a security or investment in violation of subsection (1), subsection (3), subsection (4), subsection (5), or subsection (6).

History.—s. 1, ch. 65-428; ss. 12, 35, ch. 69-106; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 6, ch. 78-435; ss. 4, 5, ch. 80-254; s. 396, ch. 81-259; ss. 2, 3, ch. 81-318; s. 13, ch. 84-159; s. 12, ch. 86-85; ss. 14, 15, ch. 90-362; s. 4, ch. 91-429; s. 8, ch. 92-45; s. 608, ch. 2003-261; s. 40, ch. 2008-240; s. 18, ch. 2024-168; s. 10, ch. 2025-28.

Arrestable Offenses under F.S. 517.301

M = misdemeanor · F = felony · degree: F=1st S=2nd T=3rd

§517.301FRAUDREMOVEDF · 3rd

§517.301(1a1)FRAUDEMPLOY DEV/SCHEME/ARTF DEFRAUD INVEST/SECURITYF · 3rd

§517.301(1a2)FRAUD-FALSE STATEMENTOBT MONEY/PROPERTY FALSE STATE INVEST/SECURITYF · 3rd

§517.301(1a3)FRAUDENGAGE IN FRAUD TRANS OF INVESTMENT/SECURITYF · 3rd

§517.301(1b)FRAUD-FALSE STATEMENTPUBLISH SECURITY SALE W/O CONSIDERATN DISCLOSF · 3rd

§517.301(1c)FRAUDFALSIFY/CONCEAL TRICK/SCHEME INVEST SECURITYF · 3rd

§517.301(3)FRAUDMISREP SECURITY AS SPONSORED BY STATE/AGENCYF · 3rd

§517.301(4)FRAUDMISREP REG SECURITY ISSUER REC BY STATE/AGENCYF · 3rd

§517.301(5a)FRAUDOBTAIN MONEY/PROP BY MISREP INVESTMEN FOR SALEF · 3rd

§517.301(5b)FRAUDOBTAIN MONEY/PROP BY MISREP QUALIF INVEST SALEF · 3rd

§517.301(6b)FRAUD-FALSE STATEMENTFAIL INCLUDE DISCLAIM REG SECURITY OFFER/SALEF · 3rd

§517.301(7)FRAUDMANAGE/CTRL BOILER RM IN VIOL CH 517.301F · 3rd

Notes of Decisions

Cited in 180 cases (14 in the last 5 years), 1971–2025 · leading case: Compania De Elaborados De Café v. Cardinal Capital Mgmt., Inc., 401 F. Supp. 2d 1270 (S.D. Fla. 2004).

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Compania De Elaborados De Café v. Cardinal Capital Mgmt., Inc., 401 F. Supp. 2d 1270 (S.D. Fla. 2004). · cites it 16× “2004) (citing Fla. Stat. § 517.301 (1)).”

Schlenkerman v. Goldbronn (In Re Goldbronn), 263 B.R. 347 (Bankr. M.D. Fla. 2001). · cites it 26× “The panel *360 instead adopted the plaintiffs statement of the case as the facts establishing the requisite elements of Section 517.301, Florida Statutes. 6 The court may also infer facts for purposes of collateral estoppel if “the finding is necessarily implied from the nature…”

Waters v. Int'l Precious Metals Corp., 172 F.R.D. 479 (S.D. Fla. 1996). · cites it 18× “§ 517.301 by selling investments in ETOs while operating a boiler room operation as defined by Fla.”

Black v. State, 819 So. 2d 208 (Fla. 1st DCA 2002). · cites it 12× “, Florida Statutes (1993). As predicate acts comprising a "pattern of racketeering activity," the RICO counts alleged two or more violations of the Florida Securities and Investor Protection Act, section 517.”

First Union Brokerage v. Milos, 717 F. Supp. 1519 (S.D. Fla. 1989). · cites it 13× “Section 517.301 — DENIED; 4. Motion to Dismiss Counterclaim for Failure to Allege Justifiable Reliance— DENIED; 5.”

Kevin Harris v. James F. Jayo, 3 F.4th 1339 (11th Cir. 2021). · cites it 4× “Harris (and Marc Spiewak) in a Florida state court, asserting a number of claims,including fraudulent misrepresentation, negligent misrepresentation, breach of fiduciary duty, conversion, unjust enrichment, investment fraud in violation of Fla. Stat. § 517.301 , unfair and…”

Sierra Equity Grp., Inc. v. White Oak Equity Partners, LLC, 650 F. Supp. 2d 1213 (S.D. Fla. 2009). · cites it 6× “Plaintiff asserts claims of Breach of Contract against White Oak (Count I); Unjust Enrichment against White Oak and the Orlandos (Count II); Fraudulent Inducement against all Defendants (Count III); Declaratory Judgment against White Oak (Count IV); Violation of Section 517.301,…”

In Re Sahlen & Assocs., Inc. Sec. Litig., 773 F. Supp. 342 (S.D. Fla. 1991). · cites it 8× “211 and § 517.301 of the Florida Securities and Investor Protection Act (“FSIPA”), Fla.”

EF Hutton & Co., Inc. v. Rousseff, 537 So. 2d 978 (Fla. 1989). · cites it 8× “This case is before us on the following question of Florida law certified by the United States Court of Appeals, Eleventh Circuit: In an action under the Florida Securities and Investor Protection Act, Fla. Stat. §§ 517.301 , 517.211, is the claimant required to prove that his…”

Ward v. Atl. SEC. Bank, 777 So. 2d 1144 (Fla. 3d DCA 2001). · cites it 4× “Thereafter, Stockholder filed a Complaint against Bank alleging common law fraud, securities fraud under section 517.301 and breach of fiduciary duty.”

Rushing v. Wells Fargo Bank, N.A., 752 F. Supp. 2d 1254 (M.D. Fla. 2010). · cites it 8× “Pursuant to Florida Statute § 517.301: It is unlawful and a violation of the provisions of this chapter for a person: (a) In connection with the rendering of any investment advice or in connection with the offer, sale or purchase of any investment or security .”

Palmer v. Shearson Lehman Hutton, Inc., 622 So. 2d 1085 (Fla. 1st DCA 1993). · cites it 8× “) Section 517.301 provides in pertinent part: It is unlawful and a violation of the provisions of this chapter for any person: * * * * * * (3) In any matter within the jurisdiction of the department, to knowingly and willfully falsify, conceal, or cover up, by any trick, scheme,…”

Show all 180 citing cases →

— 517.301(1) — 22 cases

Bryne v. Gulfstream First Bank & Trust Co., Etc., 528 F. Supp. 692 (S.D. Fla. 1981).

Raymond James & Assocs. v. Zumstorchen, 488 So. 2d 843 (Fla. 2d DCA 1986).

Newsom v. Dean Witter Reynolds, Inc., 558 So. 2d 1076 (Fla. 1st DCA 1990).

Palmer v. Shearson Lehman Hutton, Inc., 622 So. 2d 1085 (Fla. 1st DCA 1993). “) Section 517.301 provides in pertinent part: It is unlawful and a violation of the provisions of this chapter for any person: * * * * * * (3) In any matter within the jurisdiction of the department, to knowingly and willfully falsify, conceal, or cover up, by any trick, scheme,…”

Waters v. Int'l Precious Metals Corp., 172 F.R.D. 479 (S.D. Fla. 1996). “§ 517.301 by selling investments in ETOs while operating a boiler room operation as defined by Fla.”

— 517.301(1)(a) — 8 cases

Black v. State, 819 So. 2d 208 (Fla. 1st DCA 2002). “, Florida Statutes (1993). As predicate acts comprising a "pattern of racketeering activity," the RICO counts alleged two or more violations of the Florida Securities and Investor Protection Act, section 517.”

Knight v. EF Hutton & Co., Inc., 750 F. Supp. 1109 (M.D. Fla. 1990).

Morin v. Trupin, 799 F. Supp. 342 (S.D.N.Y. 1992).

Shoreline Found., Inc. v. Victor Brisk (Fla. 4th DCA 2019).

Sam Shrivastava, Venn Therapeutics, LLC & Sandip Patel v. Cac Pharma Investments LLC, & C & J Healthcare Investments, LLC (Fla. 2d DCA 2024).

— 517.301(1)(a)(2) — 4 cases

Schlenkerman v. Goldbronn (In Re Goldbronn), 263 B.R. 347 (Bankr. M.D. Fla. 2001). “The panel *360 instead adopted the plaintiffs statement of the case as the facts establishing the requisite elements of Section 517.301, Florida Statutes. 6 The court may also infer facts for purposes of collateral estoppel if “the finding is necessarily implied from the nature…”

Knight v. EF Hutton & Co., Inc., 750 F. Supp. 1109 (M.D. Fla. 1990).

Marcus v. Shapiro, Abramson & Schwimmer, Pa, 620 So. 2d 1284 (Fla. 4th DCA 1993).

Lockwood v. Oliver (M.D. Fla. 2021).

— 517.301(1)(c) — 2 cases

State v. Covington, 392 So. 2d 1321 (Fla. 1981).

Osborne Stern & Co. v. Dept. of Banking, 647 So. 2d 245 (Fla. 1st DCA 1994).

— 517.301(2) — 3 cases

Waters v. Int'l Precious Metals Corp., 172 F.R.D. 479 (S.D. Fla. 1996). “§ 517.301 by selling investments in ETOs while operating a boiler room operation as defined by Fla.”

Commodity Futures Trading Comm'n v. Am. Metals Exch. Corp., 775 F. Supp. 767 (D.N.J. 1991).

— 517.301(3) — 3 cases

Twiss v. Kury, 25 F.3d 1551 (11th Cir. 1994).

Fed. Sec. L. Rep. P 98,327 Dorothy G. Twiss & Armin R. Twiss v. David J. Kury, Kury Fin. Plan. Grp., Inc., Associated Planners Sec. Grp., Am. Capital Equities Corp., Robert E. Hillard, Prudential-Bache Sec. Corp., Shearson Lehman Hutton, Inc., Martha P. Sanders v. David J. Kury, Kury Fin. Plan. Grp., Inc., Associated Planners Sec. Grp., Am. Capital Equities Corp., Robert E. Hillard, Prudential-Bache Sec. Corp., Shearson Lehman Hutton, Inc., James R. Addonizio v. David J. Kury, Kury Fin. Plan. Grp., Inc., Associated Planners Sec. Grp., Am. Capital Equities Corp., Robert E. Hillard, Prudential-Bache Sec. Corp., Shearson Lehman Hutton, Inc., Jeffrey B. Miller v. David J. Kury, Kury Fin. Plan. Grp., Inc., Associated Planners Sec. Grp., Am. Capital Equities Corp., Robert E. Hillard, Prudential-Bache Sec. Corp., Shearson Lehman Hutton, Inc., J. Letcher Lamkin v. David J. Kury, Kury Fin. Plan. Grp., Inc., Associated Planners Sec. Grp., Am. Capital Equities Corp., Robert E. Hillard, Prudential-Bache Sec. Corp., Shearson Lehman Hutton, Inc., David O. Stefl & Patricia A. Stefl v. David J. Kury, Kury Fin. Plan. Grp., Inc., Associated Planners Sec. Grp., Am. Capital Equities Corp., Robert E. Hillard, Prudential-Bache Sec. Corp., Shearson Lehman Hutton, Inc., Mary M. Warner, 25 F.3d 1551 (11th Cir. 1994).

— 517.301(l)(a) — 17 cases

Leisure Founders, Inc. v. CUC Int'l, Inc., 833 F. Supp. 1562 (S.D. Fla. 1993).

Gemini Investors III, L.P. v. Nunez, 78 So. 3d 94 (Fla. 3d DCA 2012).

Wilfred A. Brown v. State of Florida, 189 So. 3d 837 (Fla. 4th DCA 2015).

W. Floyd Messer, Sr., Individually v. E.F. Hutton & Co., a Delaware Corp., Raphael M. Kelly, Individually, Henry Herschaft, Individually, 847 F.2d 673 (11th Cir. 1988).

First Union Brokerage v. Milos, 717 F. Supp. 1519 (S.D. Fla. 1989). “Section 517.301 — DENIED; 4. Motion to Dismiss Counterclaim for Failure to Allege Justifiable Reliance— DENIED; 5.”

— 517.301(l)(a)(2) — 1 case

Butterworth v. Quick & Reilly, Inc., 998 F. Supp. 1404 (M.D. Fla. 1998).

— 517.301(l)(a)(l) — 2 cases

Butterworth v. Quick & Reilly, Inc., 171 F.R.D. 319 (M.D. Fla. 1997).

Smith v. State ex rel. Lewis, 570 So. 2d 1315 (Fla. 4th DCA 1990).

— 517.301(l)(c) — 2 cases

State v. Block, 428 So. 2d 782 (Fla. 4th DCA 1983).

Smith v. State ex rel. Lewis, 570 So. 2d 1315 (Fla. 4th DCA 1990).

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