shall be 3 times the otherwise applicable 
amount in such subparagraphs if, within the 5- 
year period preceding such act or omission, the 
person who committed the act or omission was 
criminally convicted for securities fraud or be-
came subject to a judgment or order imposing 
monetary, equitable, or administrative relief in 
any Commission action alleging fraud by that 
person.’’; and 
(2) in section 209(e)(2) (15 U.S.C. 80b– 
9(e)(2)) by adding at the end the following: 
‘‘(D) 
FOURTH
TIER.—Notwithstanding 
subparagraphs (A), (B), and (C), the maximum 
amount of penalty for each such violation shall 
be 3 times the otherwise applicable amount in 
such subparagraphs if, within the 5-year period 
preceding such violation, the defendant was 
criminally convicted for securities fraud or be-
came subject to a judgment or order imposing 
monetary, equitable, or administrative relief in 
any Commission action alleging fraud by that 
defendant.’’. 
SEC. 4. VIOLATIONS OF INJUNCTIONS AND BARS. 
(a) SECURITIES ACT OF 1933.—Section 20(d) of the 
Securities Act of 1933 (15 U.S.C. 77t(d)) is amended— 
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(1) in paragraph (1), by inserting after ‘‘the 
rules or regulations thereunder,’’ the following: ‘‘a 
Federal court injunction or a bar obtained or en-
tered by the Commission under this title,’’; and 
(2) by striking paragraph (4) and inserting the 
following: 
‘‘(4) SPECIAL PROVISIONS RELATING TO A VIO-
LATION OF AN INJUNCTION OR CERTAIN ORDERS.— 
‘‘(A) IN GENERAL.—Each separate viola-
tion of an injunction or order described in sub-
paragraph (B) shall be a separate offense, ex-
cept that in the case of a violation through a 
continuing failure to comply with such injunc-
tion or order, each day of the failure to comply 
with the injunction or order shall be deemed a 
separate offense. 
‘‘(B) INJUNCTIONS
AND
ORDERS.—Sub-
paragraph (A) shall apply with respect to any 
action to enforce— 
‘‘(i) a Federal court injunction ob-
tained pursuant to this title; 
‘‘(ii) an order entered or obtained by 
the Commission pursuant to this title that 
bars, suspends, places limitations on the 
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activities or functions of, or prohibits the 
activities of a person; or 
‘‘(iii) a cease-and-desist order entered 
by the Commission pursuant to section 
8A.’’. 
(b) SECURITIES EXCHANGE ACT OF 1934.—Section 
21(d)(3) of the Securities Exchange Act of 1934 (15 
U.S.C. 78u(d)(3)) is amended— 
(1) in subparagraph (A), by inserting after ‘‘the 
rules or regulations thereunder,’’ the following: ‘‘a 
Federal court injunction or a bar obtained or en-
tered by the Commission under this title,’’; and 
(2) by striking subparagraph (D) and inserting 
the following: 
‘‘(D) SPECIAL PROVISIONS RELATING TO A VIO-
LATION OF AN INJUNCTION OR CERTAIN ORDERS.— 
‘‘(i) IN GENERAL.—Each separate violation 
of an injunction or order described in clause (ii) 
shall be a separate offense, except that in the 
case of a violation through a continuing failure 
to comply with such injunction or order, each 
day of the failure to comply with the injunction 
or order shall be deemed a separate offense. 
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‘‘(ii) INJUNCTIONS AND ORDERS.—Clause 
(i) shall apply with respect to an action to en-
force— 
‘‘(I) a Federal court injunction ob-
tained pursuant to this title; 
‘‘(II) an order entered or obtained by 
the Commission pursuant to this title that 
bars, suspends, places limitations on the 
activities or functions of, or prohibits the 
activities of a person; or 
‘‘(III) a cease-and-desist order entered 
by the Commission pursuant to section 
21C.’’. 
(c) INVESTMENT COMPANY ACT OF 1940.—Section 
42(e) of the Investment Company Act of 1940 (15 U.S.C. 
80a–41(e)) is amended— 
(1) in paragraph (1), by inserting after ‘‘the 
rules or regulations thereunder,’’ the following: ‘‘a 
Federal court injunction or a bar obtained or en-
tered by the Commission under this title,’’; and 
(2) by striking paragraph (4) and inserting the 
following: 
‘‘(4) SPECIAL PROVISIONS RELATING TO A VIO-
LATION OF AN INJUNCTION OR CERTAIN ORDERS.— 
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‘‘(A) IN GENERAL.—Each separate viola-
tion of an injunction or order described in sub-
paragraph (B) shall be a separate offense, ex-
cept that in the case of a violation through a 
continuing failure to comply with such injunc-
tion or order, each day of the failure to comply 
with the injunction or order shall be deemed a 
separate offense. 
‘‘(B) INJUNCTIONS
AND
ORDERS.—Sub-
paragraph (A) shall apply with respect to any 
action to enforce— 
‘‘(i) a Federal court injunction ob-
tained pursuant to this title; 
‘‘(ii) an order entered or obtained by 
the Commission pursuant to this title that 
bars, suspends, places limitations on the 
activities or functions of, or prohibits the 
activities of a person; or 
‘‘(iii) a cease-and-desist order entered 
by the Commission pursuant to section 
9(f).’’. 
(d) INVESTMENT ADVISERS ACT OF 1940.—Section 
209(e) of the Investment Advisers Act of 1940 (15 U.S.C. 
80b–9(e)) is amended— 
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(1) in paragraph (1), by inserting after ‘‘the 
rules or regulations thereunder,’’ the following: ‘‘a 
Federal court injunction or a bar obtained or en-
tered by the Commission under this title,’’; and 
(2) by striking paragraph (4) and inserting the 
following: 
‘‘(4) SPECIAL PROVISIONS RELATING TO A VIO-
LATION OF AN INJUNCTION OR CERTAIN ORDERS.— 
‘‘(A) IN GENERAL.—Each separate viola-
tion of an injunction or order described in sub-
paragraph (B) shall be a separate offense, ex-
cept that in the case of a violation through a 
continuing failure to comply with such injunc-
tion or order, each day of the failure to comply 
with the injunction or order shall be deemed a 
separate offense. 
‘‘(B) INJUNCTIONS
AND
ORDERS.—Sub-
paragraph (A) shall apply with respect to any 
action to enforce— 
‘‘(i) a Federal court injunction ob-
tained pursuant to this title; 
‘‘(ii) an order entered or obtained by 
the Commission pursuant to this title that 
bars, suspends, places limitations on the 
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