(a) Willful violations; false and misleading statements. Any person
who willfully violates any provision of this title (other than section
30A 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 15 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.
5-255
(b) Failure to file information,
documents, or reports. Any issuer which fails to file information,
documents, or reports required to be filed under subsection (d) of
section 15 of this title or any rule or regulation thereunder shall
forfeit to the United States the sum of $100 for each and every day
such failure to file shall continue. Such forfeiture, which shall
be in lieu of any criminal penalty for such failure to file which
might be deemed to arise under subsection (a) of this section, shall
be payable into the Treasury of the United States and shall be recoverable
in a civil suit in the name of the United States.
5-256
(c) Violations by issuers, officers, directors,
stockholders, employees, or agents of issuers.
(1) (A) Any issuer
that violates subsection (a) or (g) of section 30A shall be fined
not more than $2,000,000.
(B) Any issuer that violates subsection (a)
or (g) of section 30A 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
30A 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 30A of this title shall
be subject to a civil penalty of not more than $10,000 imposed in
an action brought by the Commission.
(3) Whenever a fine is imposed under paragraph
(2) upon any officer, director, employee, agent, or stockholder of
an issuer, such fine may not be paid, directly or indirectly, by such
issuer.
[15
USC 78ff. As amended by acts of May 27, 1936 (49 Stat. 1380); June
25, 1938 (52 Stat. 1076); Aug. 20, 1964 (78 Stat. 580); Dec. 19, 1977
(91 Stat. 1496); Aug. 10, 1984 (98 Stat. 1265); Aug. 23, 1988 (102
Stat. 1419); Nov. 19, 1988 (102 Stat. 4680); Nov. 10, 1998 (112 Stat.
3303, 3304); and July 30, 2002 (116 Stat. 810).]
