Sherman violated Section 10(b) of the Exchange Act and Rule 10b-5 there under, which prohibits fraudulent conduct in connection with the purchase or sale of any security involving: a) the use of any device, scheme, or artifice to defraud; b) the making of material misrepresentations or omissions; and c) any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person.
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