Flashcards in Federal Securities: Criminal Liability Deck (2)
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Federal Securities
Criminal Liability
1933 Act & 1934 Act
1933 Act
- liable for "willful violation" of any provision of 1933 act
- Penalties: up to $10,000 fine and/or 5 years of jail
1934 Act
- liable for "willful violation" of any provision of 1934 act
- Penalties: up to $2,500,000 fine and/or 20 years of jail ($25M if a firm)
- penalties are cumulative and can be imposed on top of civil liability.
- SEC refers the case to the justice department
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