Section 339-D. Transactions by brokers and dealers after insolvency

Any
  person, firm, association or corporation  engaged  in  the  business  of
  purchasing  and  selling  as  broker  or  dealer, stocks, bonds or other
  evidences of  debt  of  corporations,  companies  or  associations  who,
  knowing  that he or it is insolvent, accepts or receives from a customer
  ignorant of such broker's or dealer's insolvency, money,  stocks,  bonds
  or  other  evidences of debt belonging to the customer otherwise than in
  liquidation of, or as security for, an existing indebtedness, is  guilty
  of  a misdemeanor. Any person, firm, association or corporation shall be
  deemed insolvent  within  the  meaning  of  this  section  whenever  the
  aggregate  of  his  or  its  property shall not, at a fair valuation, be
  sufficient in amount to pay his or its debts.