23. In SEC vs Texas Gulf Sulphur, ________ is a violation of Section 10b-5 of the Securities Exchange Act of 1934.

A. Disclosure

B. Accredited investment

C. Insider trading

D. Small oerings

24. The court, in Singer vs. Reali, held that a plainti must demonstrate deception, manipulation, or fraud to meet the element of ____________.

A. Causation

B. Scienter

C. Damages

D. Cause in fact

25. State securities laws are called:

A. Blue sky laws

B. Civil sanction laws

C. Ponzi scheme laws

D. Corporate governance laws