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15 U.S.C. § 77x — Penalties

submitted 93 years ago by ch. 38 to r/title-15-COMMERCE-AND-TRADE · 84 words · no verdicts yet

in plain englishAI-generated · not legal advice

Willfully violating this law, its rules, or lying in a registration statement is a crime. A conviction can bring a fine up to $10,000, up to five years in prison, or both.

Anyone who willfully violates this subchapter or an SEC rule made under it commits a crime. So does anyone who willfully includes an untrue statement of a material fact in a registration statement, or willfully leaves out a material fact that's required or needed to keep the statement from being misleading. A conviction can bring a fine of up to $10,000, imprisonment of up to five years, or both.
the actual law source: uscode.house.gov ↗public domain

Any person who willfully violates any of the provisions of this subchapter, or the rules and regulations promulgated by the Commission under authority thereof, or any person who willfully, in a registration statement filed under this subchapter, makes any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading, shall upon conviction be fined not more than $10,000 or imprisoned not more than five years, or both.

Source credit: (May 27, 1933, ch. 38, title I, § 24, 48 Stat. 87; Pub. L. 94–29, § 27(a), June 4, 1975, 89 Stat. 163.)

history & why it existsrecord from the source credit
  • 1933Enacted · Act of May 27, 1933, ch. 38 · 48 Stat. 87
  • 1975Amended · Pub. L. 94-29 · 89 Stat. 163

A history note hasn’t been published yet. The record shows enactment by ch. 38 on 1933-05-27.

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