15 U.S. Code § 78ff - Penalties

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, a fine not exceeding $25,000,000 may be imposed; but no (b) Failure to file information, documents, or reports

Any section 78o of this title or any rule or regulation thereunder shall forfeit to the United States.

Any 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 (2)

Any officer, section 78dd–1 of this title shall be fined not more than $100,000, or imprisoned not more than 5 years, or both.

Any officer, 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 (3)

This chapter, referred to in subsec. (a), was in the original “this title”. See References in Text note set out under section 78a of this title.

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 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 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, 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 thePub. L. 100–704 substituted “$1,000,000” for “$100,000”, “10 years” for “five years”, “is aPub. L. 100–418 amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows:

“(1) Any section 78dd–1(a) of this title shall, upon conviction, be fined not more than $1,000,000.

“(2) Any officer or 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 section 78dd–1(a) of this title, any employee or agent of suchPub. L. 98–376 substituted “$100,000” for “$10,000”.

1975—Subsec. (a). Pub. L. 94–29, §§ 23(1), 27(b), inserted “or by anySubsec. (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.”

1938—Subsec. (c). Act June 25, 1938 , added subsec. (c).

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.

Amendment by Pub. L. 94–29 effective June 4, 1975 , see section 31(a) of Pub. L. 94–29, set out as a note under section 78b of this title.

Amendment by Pub. L. 88–467 effective Aug. 20, 1964 , see section 13 of Pub. L. 88–467, set out as a note under section 78c of this title.