Source: https://law.justia.com/codes/us/2012/title-15/chapter-2b/section-78ff/
Timestamp: 2020-02-22 10:43:23
Document Index: 336922869

Matched Legal Cases: ['§ 78', '§ 78', '§ 78', '§32', '§9', '§4', '§11', '§23', '§103', '§3', '§5003', '§4', '§2', '§1106', '§ 78', '§78', '§32', '§9', '§4', '§11', '§23', '§103', '§3', '§5003', '§4', '§2', '§1106', '§2', '§2', '§103', '§103', '§23', '§23']

SECURITIES EXCHANGES - 15 U.S.C. § 78ff (2012) Penalties :: Title 15 - Commerce and Trade :: 2012 US Code :: US Codes and Statutes :: US Law :: Justia
Justia US Law US Codes and Statutes US Code 2012 US Code Title 15 - Commerce and Trade Chapter 2B - SECURITIES EXCHANGES (§§ 78a - 78pp) Section 78ff - Penalties
Chapter 2B - SECURITIES EXCHANGES (§§ 78a - 78pp)
Section 78ff - Penalties
Sec. 78ff - Penalties
Contains section 78ff
Source Credit June 6, 1934, ch. 404, title I, §32, 48 Stat. 904; May 27, 1936, ch. 462, §9, 49 Stat. 1380; June 25, 1938, ch. 677, §4, 52 Stat. 1076; Pub. L. 88-467, §11, Aug. 20, 1964, 78 Stat. 580; Pub. L. 94-29, §§23, 27(b), June 4, 1975, 89 Stat. 162, 163; Pub. L. 95-213, title I, §103(b), Dec. 19, 1977, 91 Stat. 1496; Pub. L. 98-376, §3, Aug. 10, 1984, 98 Stat. 1265; Pub. L. 100-418, title V, §5003(b), Aug. 23, 1988, 102 Stat. 1419; Pub. L. 100-704, §4, Nov. 19, 1988, 102 Stat. 4680; Pub. L. 105-366, §2(d), Nov. 10, 1998, 112 Stat. 3303; Pub. L. 107-204, title XI, §1106, July 30, 2002, 116 Stat. 810.
Statutes at Large References 48 Stat. 904
49 Stat. 1380
52 Stat. 1076
78 Stat. 580
89 Stat. 162
91 Stat. 1496
98 Stat. 1265
102 Stat. 1419, 4680
112 Stat. 3303
116 Stat. 810
Public Law References Public Law 88-467, Public Law 94-29, Public Law 95-213, Public Law 98-376, Public Law 100-418, Public Law 100-704, Public Law 105-366, Public Law 107-204
SECURITIES EXCHANGES - 15 U.S.C. § 78ff (2012)
§78ff. Penalties (a) Willful violations; false and misleading statements
Any person who willfully violates any provision of this chapter (other than section 78dd–1 of this title), or any rule or regulation thereunder the violation of which is made unlawful or the observance of which is required under the terms of this chapter, or any person who willfully and knowingly makes, or causes to be made, any statement in any application, report, or document required to be filed under this chapter or any rule or regulation thereunder or any undertaking contained in a registration statement as provided in subsection (d) of section 78o of this title, or by any self-regulatory organization in connection with an application for membership or participation therein or to become associated with a member thereof which statement was false or misleading with respect to any material fact, shall upon conviction be fined not more than $5,000,000, or imprisoned not more than 20 years, or both, except that when such person is a person other than a natural person, a fine not exceeding $25,000,000 may be imposed; but no person shall be subject to imprisonment under this section for the violation of any rule or regulation if he proves that he had no knowledge of such rule or regulation.
(1)(A) Any issuer that violates subsection (a) or (g) of section 78dd–1 of this title shall be fined not more than $2,000,000.
(B) Any issuer that violates subsection (a) or (g) of section 78dd–1 of this title shall be subject to a civil penalty of not more than $10,000 imposed in an action brought by the Commission.
(2)(A) Any officer, director, employee, or agent of an issuer, or stockholder acting on behalf of such issuer, who willfully violates subsection (a) or (g) of section 78dd–1 of this title shall be fined not more than $100,000, or imprisoned not more than 5 years, or both.
(B) Any officer, director, employee, or agent of an issuer, or stockholder acting on behalf of such issuer, who violates subsection (a) or (g) of section 78dd–1 of this title shall be subject to a civil penalty of not more than $10,000 imposed in an action brought by the Commission.
(June 6, 1934, ch. 404, title I, §32, 48 Stat. 904; May 27, 1936, ch. 462, §9, 49 Stat. 1380; June 25, 1938, ch. 677, §4, 52 Stat. 1076; Pub. L. 88–467, §11, Aug. 20, 1964, 78 Stat. 580; Pub. L. 94–29, §§23, 27(b), June 4, 1975, 89 Stat. 162, 163; Pub. L. 95–213, title I, §103(b), Dec. 19, 1977, 91 Stat. 1496; Pub. L. 98–376, §3, Aug. 10, 1984, 98 Stat. 1265; Pub. L. 100–418, title V, §5003(b), Aug. 23, 1988, 102 Stat. 1419; Pub. L. 100–704, §4, Nov. 19, 1988, 102 Stat. 4680; Pub. L. 105–366, §2(d), Nov. 10, 1998, 112 Stat. 3303; Pub. L. 107–204, title XI, §1106, July 30, 2002, 116 Stat. 810.)
2002—Subsec. (a). Pub. L. 107–204 substituted “$5,000,000, or imprisoned not more than 20 years” for “$1,000,000, or imprisoned not more than 10 years” and “$25,000,000” for “$2,500,000”.
1998—Subsec. (c)(1). Pub. L. 105–366, §2(d)(1), (2), substituted “subsection (a) or (g) of section 78dd–1” for “section 78dd–1(a)” in subpars. (A) and (B).
Subsec. (c)(2). Pub. L. 105–366, §2(d)(3), amended par. (2) generally. Prior to amendment, par. (2) read as follows:
“(2)(A) Any officer or director of an issuer, or stockholder acting on behalf of such issuer, who willfully violates section 78dd–1(a) of this title shall be fined not more than $100,000, or imprisoned not more than 5 years, or both.
“(B) Any employee or agent of an issuer who is a United States citizen, national, or resident or is otherwise subject to the jurisdiction of the United States (other than an officer, director, or stockholder acting on behalf of such issuer), and who willfully violates section 78dd–1(a) of this title, shall be fined not more than $100,000, or imprisoned not more than 5 years, or both.
“(C) Any officer, director, employee, or agent of an issuer, or stockholder acting on behalf of such issuer, who violates section 78dd–1(a) of this title shall be subject to a civil penalty of not more than $10,000 imposed in an action brought by the Commission.”
1988—Subsec. (a). Pub. L. 100–704 substituted “$1,000,000” for “$100,000”, “10 years” for “five years”, “is a person other than a natural person” for “is an exchange”, and “$2,500,000” for “$500,000”.
Subsec. (c). Pub. L. 100–418 amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows:
“(1) Any issuer which violates section 78dd–1(a) of this title shall, upon conviction, be fined not more than $1,000,000.
“(2) Any officer or director of an issuer, or any stockholder acting on behalf of such issuer, who willfully violates section 78dd–1(a) of this title shall, upon conviction, be fined not more than $10,000, or imprisoned not more than five years, or both.
“(3) Whenever an issuer is found to have violated section 78dd–1(a) of this title, any employee or agent of such issuer who is a United States citizen, national, or resident or is otherwise subject to the jurisdiction of the United States (other than an officer, director, or stockholder of such issuer), and who willfully carried out the act or practice constituting such violation shall, upon conviction, be fined not more than $10,000, or imprisoned not more than five years, or both.
“(4) Whenever a fine is imposed under paragraph (2) or (3) of this subsection upon any officer, director, stockholder, employee, or agent of an issuer, such fine shall not be paid, directly or indirectly, by such issuer.”
1984—Subsec. (a). Pub. L. 98–376 substituted “$100,000” for “$10,000”.
1977—Subsec. (a). Pub. L. 95–213, §103(b)(1), inserted “(other than section 78dd–1 of this title)” after “Any person who willfully violates any provision of this chapter”.
Subsec. (c). Pub. L. 95–213, §103(b)(2), added subsec. (c).
1975—Subsec. (a). Pub. L. 94–29, §§23(1), 27(b), inserted “or by any self-regulatory organization in connection with an application for membership or participation therein or to become associated with a member thereof,” and substituted “or imprisoned not more than five years” for “or imprisoned not more than two years”.
Subsec. (c). Pub. L. 94–29, §23(2), struck out subsec. (c) which rendered this section inapplicable to violations of any rule or regulation prescribed pursuant to paragraph (3) of subsection (c) of section 78o of this title.
1964—Subsec. (b). Pub. L. 88–467 substituted “required to be filed under” for “pursuant to an undertaking contained in a registration statement as provided in” and inserted “or any rule or regulation thereunder” after “section 78o of this title.”
1936—Subsec. (a). Act May 27, 1936, inserted “or any undertaking contained in a registration statement as provided in subsection (d) of section 78o of this title”.
Subsec. (b). Act May 27, 1936, added subsec. (b).
Amendment by Pub. L. 100–704 not applicable to actions occurring before Nov. 19, 1988, see section 9 of Pub. L. 100–704, set out as a note under section 78o of this title.
Amendment by Pub. L. 98–376 effective Aug. 10, 1984, see section 7 of Pub. L. 98–376, set out as a note under section 78c of this title.