Federal · Title 15 — Commerce and Trade

15 U.S.C. § 77x: Penalties

Felony

What this law says, in plain English

Willful violation of this subchapter or its rules, or making false statements in a registration, is punishable by up to five years imprisonment and/or a fine up to $10,000.

Read the full statutory text

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.

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This page is legal information, not legal advice. Code text is sourced from official publications and may lag amendments — always confirm at the official source linked above. Plain-English summaries and relationship data are AI-derived and reviewed on an ongoing basis; verify with a licensed attorney before acting.