15 U.S.C. § 77xxx : US Code - Section 77XXX: Unlawful representations

Search 15 U.S.C. § 77xxx : US Code - Section 77XXX: Unlawful representations

It shall be unlawful for any person in offering, selling or
issuing any security to represent or imply in any manner whatsoever
that any action or failure to act by the Commission in the
administration of this subchapter means that the Commission has in
any way passed upon the merits of, or given approval to, any
trustee, indenture or security, or any transaction or transactions
therein, or that any such action or failure to act with regard to
any statement or report filed with or examined by the Commission
pursuant to this subchapter or any rule, regulation, or order
thereunder, has the effect of a finding by the Commission that such
statement or report is true and accurate on its face or that it is
not false or misleading.