Question

8) A wash sale: A) is a violation under Section 10(b) of the 1934 Act. B)...

8) A wash sale:

A) is a violation under Section 10(b) of the 1934 Act.

B) refers to a legal activity that manipulates the price of a security.

C) comes under the liability provisions of the 1934 Act.

D) occurs each time new securities are issued.

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Answer #1

8) A wash sale:

Answer = A) is a violation under Section 10(b) of the 1934 Act.

  • A wash sale is the sale of a security, ecurity is then repurchased quickly, within 30 days, either before or after the sale
  • Section 10b is the antifraud provision of the Exchange Act
  • Rule 10b prohibits the use of any "device, scheme, or artifice to defraud," and creates liability for any misstatement or omission of a material fact, or one that investors would think was important to their decision to buy or sell the stock
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