Violations of Section 12 of the Securities Act of 1933 include selling securities pursuant to an unwarranted exemption and making misrepresentations concerning the offer or sale of securities.

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This statement is true. Section 12 of the Securities Act of 1933 prohibits the offer or sale of securities in violation of registration requirements or through an unwarranted exemption. It also prohibits making misrepresentations or omitting material facts in connection with the offer or sale of securities.