ILCS » Chapter 815 · Act 5
Illinois Compiled Statutes

815 ILCS 5/12 (2026)

Violation

✓ current as of May 2026
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(815 ILCS 5/12) (from Ch. 121 1/2, par. 137.12)
    Sec. 12. Violation. It shall be a violation of the provisions of this Act for any person:
        A. To offer or sell any security except in accordance
    
with the provisions of this Act.
        B. To deliver to a purchaser any security required to
    
be registered under Section 5, Section 6 or Section 7 hereof unless accompanied or preceded by a prospectus that meets the requirements of the pertinent subsection of Section 5 or of Section 6 or of Section 7.
        C. To act as a dealer, Internet portal, salesperson,
    
investment adviser, or investment adviser representative, unless registered as such, where such registration is required, under the provisions of this Act.
        D. To fail to file with the Secretary of State any
    
application, report or document required to be filed under the provisions of this Act or any rule or regulation made by the Secretary of State pursuant to this Act or to fail to comply with the terms of any order of the Secretary of State issued pursuant to Section 11 hereof.
        E. To make, or cause to be made, (1) in any sworn
    
testimony before the Secretary of State or the Illinois Securities Department within the Office of the Secretary, or application, report or document filed under this Act or any rule or regulation made by the Secretary of State pursuant to this Act, any statement which was false or misleading with respect to any material fact or (2) any statement to the effect that a security (other than a security issued by the State of Illinois) has been in any way endorsed or approved by the Secretary of State or the State of Illinois.
        F. To engage in any transaction, practice or course
    
of business in connection with the sale or purchase of securities which works or tends to work a fraud or deceit upon the purchaser or seller thereof.
        G. To obtain money or property through the sale of
    
securities 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.
        H. To sign or circulate any statement, prospectus, or
    
other paper or document required by any provision of this Act or pertaining to any security knowing or having reasonable grounds to know any material representation therein contained to be false or untrue.
        I. To employ any device, scheme or artifice to
    
defraud in connection with the sale or purchase of any security, directly or indirectly.
        J. When acting as an investment adviser, investment
    
adviser representative, or federal covered investment adviser, by any means or instrumentality, directly or indirectly:
        (1) To employ any device, scheme or artifice to
        
defraud any client or prospective client;
            (2) To engage in any transaction, practice, or
        
course of business which operates as a fraud or deceit upon any client or prospective client; or
            (3) To engage in any act, practice, or course of
        
business which is fraudulent, deceptive or manipulative. The Secretary of State shall for the purposes of this paragraph (3), by rules and regulations, define and prescribe means reasonably designed to prevent such acts, practices, and courses of business as are fraudulent, deceptive, or manipulative.
        K. When offering or selling any mineral investment
    
contract or mineral deferred delivery contract:
        (1) To employ any device, scheme, or artifice to
        
defraud any customer, prospective customer, or offeree;
        (2) To engage in any transaction, practice, or course
        
of business that operates as a fraud or deceit upon any customer, prospective customer, or offeree; or
        (3) To engage in any act, practice, or course of
        
business that is fraudulent, deceptive, or manipulative. The Secretary of State shall for the purposes of this paragraph (3), by rules and regulations, define and prescribe means reasonably designed to prevent acts, practices, and courses of business as are fraudulent, deceptive, or manipulative.
        L. To knowingly influence, coerce, manipulate, or
    
mislead any person engaged in the preparation or audit of financial statements or appraisals to be used in the offer or sale of securities for the purpose of rendering such financial statements or appraisals materially misleading.
(Source: P.A. 101-563, eff. 8-23-19.)

    
Notes of Decisions
Cited in 67 cases (10 in the last 5 years), 1993–2024 · leading case: Steven Menzies v. Seyfarth Shaw LLP, 943 F.3d 328 (7th Cir. 2019).
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Steven Menzies v. Seyfarth Shaw LLP, 943 F.3d 328 (7th Cir. 2019). · cites it 3× “A The Illinois Securities Law’s (former) statute of repose provided that “[n]o action shall be brought under this Section or upon or because of any of the matters for which relief is granted by this Section” after five years from the securities transaction at issue.”
Tirapelli v. Advanced Equities, Inc., 813 N.E.2d 1138 (Ill. App. Ct. 2004). · cites it 5× “” 815 ILCS 5/12 (West 1998). Because sections 12(F), 12(G), and 12(1) of the Illinois Securities Law are modeled after sections 17(a)(1) through (a)(3) of the federal Securities Act of 1933 (Securities Act) (15 U.”
Lucas v. Downtown Green-Ville Investors Ltd. P'ship, 671 N.E.2d 389 (Ill. App. Ct. 1996). · cites it 7× “” 815 ILCS 5/12(1) (West 1994). The plaintiffs do not dispute they are under a burden to show "transaction causation,” and, as we have already discussed, they have sufficiently met this burden in regard to the noisy ventilation system so as to preclude summary judgment.”
ABN AMRO, Inc. v. Capital Int'l Ltd., 595 F. Supp. 2d 805 (N.D. Ill. 2008). · cites it 2× “To obtain money or property through the sale of securities by means of any untrue statement of a material fact * * * * I.”
Bauer v. Giannis, 834 N.E.2d 952 (Ill. App. Ct. 2005). · cites it 2× “Asserting violations of the Illinois Securities Law of 1953 (815 ILCS 5/12(F), (G), (I) (West 1998)) and common-law fraud, the plaintiffs sued.”
Platinum Partners Value Arbitrage Fund v. Chicago Bd. Options Exch., 2012 IL App (1st) 112903 (Ill. App. Ct. 2012). · cites it 3× “” 815 ILCS 5/12 (F), (I) (West 2002). ¶ 23 These provisions are modeled after sections 17(a)(1) through (a)(3) of the federal Securities Act of 1933; therefore, Illinois courts tend to look to federal precedent when interpreting these provisions.”
Harold Shasteen, James Shasteen & Dan Shasteen v. Howard W. Saver, Dir. of S. Illinois Cmty. Corr. Ctr., 252 F.3d 929 (7th Cir. 2001). · cites it 2× “Dan was convicted of a second count of securities fraud in violation of 815 ILCS 5/12(1). The trial court vacated the defendants’ conspiracy convictions.”
Klein v. George G. Kerasotes Corp., 500 F.3d 669 (7th Cir. 2007). · cites it 3× “According to the definitions section of the statute, “ ‘[s]ale’ or ‘sell’ shall have the full meaning of that term as applied by or accepted in the courts of this State, and shall include every contract of sale or disposition of a security or interest in a security for value.”
People v. Bartlett, 690 N.E.2d 154 (Ill. App. Ct. 1998). · cites it 4× “See 815 ILCS 5/12(F) (West 1994). Counts III and IV allege that defendant "circulated a statement purported to be 'rules’ for the participation in an illegal pyramid scheme having reasonable grounds to know that certain material representations contained therein were false and…”
Doherty v. Kahn, 682 N.E.2d 163 (Ill. App. Ct. 1997). · cites it 2× “Plaintiff first contends that he stated a cause of action for securities fraud pursuant to sections 12(F), (G), and (I) of the Illinois Securities Law of 1953 (the Securities Act) (815 ILCS 5/12(F), (G), (I) (West 1992)) against Kahn, Driscoll, Modder, and Glen Regal.”
Van Dyke v. White, 2019 IL 121452 (Ill. 2019). · cites it 2× “” 815 ILCS 5/12(J) (West 2012). ¶ 70 Section 12(J) contains no reference to or requirement for a sale of a security in connection with the proscribed conduct.”
Van Dyke v. White, 2019 IL 121452 (Ill. 2019). · cites it 3× “The Department charged that Van Dyke violated sections 12(A), (F), (G), (I), and (J) of the Act (815 ILCS 5/12(A), (F), (G), (I), (J) (West 2012)).”
Show all 67 citing cases →
— 815 ILCS 5/12(1) — 4 cases
Harold Shasteen, James Shasteen & Dan Shasteen v. Howard W. Saver, Dir. of S. Illinois Cmty. Corr. Ctr., 252 F.3d 929 (7th Cir. 2001). “Dan was convicted of a second count of securities fraud in violation of 815 ILCS 5/12(1). The trial court vacated the defendants’ conspiracy convictions.”
Klein v. George G. Kerasotes Corp., 500 F.3d 669 (7th Cir. 2007). “According to the definitions section of the statute, “ ‘[s]ale’ or ‘sell’ shall have the full meaning of that term as applied by or accepted in the courts of this State, and shall include every contract of sale or disposition of a security or interest in a security for value.”
First Nat'l Bank & Trust Co. v. McGraw-Hill Companies, Inc., 85 F. Supp. 3d 963 (N.D. Ill. 2015).
Lucas v. Downtown Green-Ville Investors Ltd. P'ship, 671 N.E.2d 389 (Ill. App. Ct. 1996). “” 815 ILCS 5/12(1) (West 1994). The plaintiffs do not dispute they are under a burden to show "transaction causation,” and, as we have already discussed, they have sufficiently met this burden in regard to the noisy ventilation system so as to preclude summary judgment.”
— 815 ILCS 5/12(A) — 4 cases
Schweig v. Schacht, 657 N.E.2d 1152 (Ill. App. Ct. 1995).
Van Dyke v. White, 2019 IL 121452 (Ill. 2019). “The Department charged that Van Dyke violated sections 12(A), (F), (G), (I), and (J) of the Act (815 ILCS 5/12(A), (F), (G), (I), (J) (West 2012)).”
A.G. Edwards, Inc. v. Sec'y of State, 772 N.E.2d 362 (Ill. App. Ct. 2002).
A.G. Edwards Inc. v. Sec'y of State (Ill. App. Ct. 2002).
— 815 ILCS 5/12(C) — 2 cases
Aste v. Metro. Life Ins., 728 N.E.2d 629 (Ill. App. Ct. 2000).
Power Dry of Chicago, Inc. v. Bean, 2022 IL App (2d) 210043 (Ill. App. Ct. 2022).
— 815 ILCS 5/12(D) — 4 cases
Steven Menzies v. Seyfarth Shaw LLP, 943 F.3d 328 (7th Cir. 2019). “A The Illinois Securities Law’s (former) statute of repose provided that “[n]o action shall be brought under this Section or upon or because of any of the matters for which relief is granted by this Section” after five years from the securities transaction at issue.”
Illinois Ex Rel. Ryan v. Volpert (In Re Volpert), 175 B.R. 247 (Bankr. N.D. Ill. 1994).
Steven Menzies v. Seyfarth Shaw LLP (7th Cir. 2019).
Menzies v. Seyfarth Shaw LLP (N.D. Ill. 2018).
— 815 ILCS 5/12(F) — 22 cases
Tirapelli v. Advanced Equities, Inc., 813 N.E.2d 1138 (Ill. App. Ct. 2004). “” 815 ILCS 5/12 (West 1998). Because sections 12(F), 12(G), and 12(1) of the Illinois Securities Law are modeled after sections 17(a)(1) through (a)(3) of the federal Securities Act of 1933 (Securities Act) (15 U.”
Bauer v. Giannis, 834 N.E.2d 952 (Ill. App. Ct. 2005). “Asserting violations of the Illinois Securities Law of 1953 (815 ILCS 5/12(F), (G), (I) (West 1998)) and common-law fraud, the plaintiffs sued.”
Steven Menzies v. Seyfarth Shaw LLP, 943 F.3d 328 (7th Cir. 2019). “A The Illinois Securities Law’s (former) statute of repose provided that “[n]o action shall be brought under this Section or upon or because of any of the matters for which relief is granted by this Section” after five years from the securities transaction at issue.”
Lucas v. Downtown Green-Ville Investors Ltd. P'ship, 671 N.E.2d 389 (Ill. App. Ct. 1996). “” 815 ILCS 5/12(1) (West 1994). The plaintiffs do not dispute they are under a burden to show "transaction causation,” and, as we have already discussed, they have sufficiently met this burden in regard to the noisy ventilation system so as to preclude summary judgment.”
Doherty v. Kahn, 682 N.E.2d 163 (Ill. App. Ct. 1997). “Plaintiff first contends that he stated a cause of action for securities fraud pursuant to sections 12(F), (G), and (I) of the Illinois Securities Law of 1953 (the Securities Act) (815 ILCS 5/12(F), (G), (I) (West 1992)) against Kahn, Driscoll, Modder, and Glen Regal.”
— 815 ILCS 5/12(G) — 11 cases
Tillman Enters., LLC v. Horlbeck (In re Horlbeck), 589 B.R. 818 (Bankr. N.D. Ill. 2018).
Harold Shasteen, James Shasteen & Dan Shasteen v. Howard W. Saver, Dir. of S. Illinois Cmty. Corr. Ctr., 252 F.3d 929 (7th Cir. 2001). “Dan was convicted of a second count of securities fraud in violation of 815 ILCS 5/12(1). The trial court vacated the defendants’ conspiracy convictions.”
Hollerich v. Acri, 259 F. Supp. 3d 806 (N.D. Ill. 2017).
Organ v. Byron, 435 F. Supp. 2d 388 (D. Del. 2006).
Lucas v. Downtown Green-Ville Investors Ltd. P'ship, 671 N.E.2d 389 (Ill. App. Ct. 1996). “” 815 ILCS 5/12(1) (West 1994). The plaintiffs do not dispute they are under a burden to show "transaction causation,” and, as we have already discussed, they have sufficiently met this burden in regard to the noisy ventilation system so as to preclude summary judgment.”
— 815 ILCS 5/12(H) — 2 cases
People v. Bartlett, 690 N.E.2d 154 (Ill. App. Ct. 1998). “See 815 ILCS 5/12(F) (West 1994). Counts III and IV allege that defendant "circulated a statement purported to be 'rules’ for the participation in an illegal pyramid scheme having reasonable grounds to know that certain material representations contained therein were false and…”
JJR, LLC v. Turner, 2016 IL App (1st) 143051 (Ill. App. Ct. 2016).
— 815 ILCS 5/12(I) — 10 cases
Steven Menzies v. Seyfarth Shaw LLP, 943 F.3d 328 (7th Cir. 2019). “A The Illinois Securities Law’s (former) statute of repose provided that “[n]o action shall be brought under this Section or upon or because of any of the matters for which relief is granted by this Section” after five years from the securities transaction at issue.”
Platinum Partners Value Arbitrage Fund v. Chicago Bd. Options Exch., 2012 IL App (1st) 112903 (Ill. App. Ct. 2012). “” 815 ILCS 5/12 (F), (I) (West 2002). ¶ 23 These provisions are modeled after sections 17(a)(1) through (a)(3) of the federal Securities Act of 1933; therefore, Illinois courts tend to look to federal precedent when interpreting these provisions.”
People v. Feldmeier, 676 N.E.2d 723 (Ill. App. Ct. 1997).
Platinum Partners Value Arbitrage Fund, Ltd. P'ship v. Chicago Bd. Options Exch., 2018 IL App (1st) 171316 (Ill. App. Ct. 2018).
Platinum Partners Value Arbitrage Fund, Ltd. P'ship v. Chicago Bd. Options Exch., 2018 IL App (1st) 171316 (Ill. App. Ct. 2018).
— 815 ILCS 5/12(J) — 5 cases
Van Dyke v. White, 2019 IL 121452 (Ill. 2019). “” 815 ILCS 5/12(J) (West 2012). ¶ 70 Section 12(J) contains no reference to or requirement for a sale of a security in connection with the proscribed conduct.”
Van Dyke v. White, 2016 IL App (4th) 141109 (Ill. App. Ct. 2016).
Van Dyke v. White, 2019 IL 121452 (Ill. 2019). “The Department charged that Van Dyke violated sections 12(A), (F), (G), (I), and (J) of the Act (815 ILCS 5/12(A), (F), (G), (I), (J) (West 2012)).”
Van Dyke v. White, 2016 IL App (4th) 141109 (Ill. App. Ct. 2016).
HAS Capital, LLC v. Illinois Sec. Dep't of the Sec'y of State, 2023 IL App (1st) 230002 (Ill. App. Ct. 2023).
— 815 ILCS 5/12(J)(2) — 1 case
People v. Flynn, 817 N.E.2d 1223 (Ill. App. Ct. 2004).
— 815 ILCS 5/12(l) — 1 case
Orgone Capital III, LLC v. Daubenspeck (N.D. Ill. 2018).
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