§ 80a-48. — Penalties.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC80a-48]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2D--INVESTMENT COMPANIES AND ADVISERS
SUBCHAPTER I--INVESTMENT COMPANIES
Sec. 80a-48. Penalties
Any person who willfully violates any provision of this subchapter
or of any rule, regulation, or order hereunder, or any person who
willfully in any registration statement, application, report, account,
record, or other document filed or transmitted pursuant to this
subchapter or the keeping of which is required pursuant to section 80a-
30(a) of this title makes any untrue statement of a material fact or
omits to state any material fact necessary in order to prevent the
statements made therein from being materially misleading in the light of
the circumstances under which they were made, shall upon conviction be
fined not more than $10,000 or imprisoned not more than five years, or
both; but no person shall be convicted under this section for the
violation of any rule, regulation, or order if he proves that he had no
actual knowledge of such rule, regulation, or order.
(Aug. 22, 1940, ch. 686, title I, Sec. 49, 54 Stat. 846; Pub. L. 94-29,
Sec. 27(e), June 4, 1975, 89 Stat. 163.)
Amendments
1975--Pub. L. 94-29 substituted ``or imprisoned not more than five
years'' for ``or imprisoned not more than two years''.
Effective Date of 1975 Amendment
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.
Section Referred to in Other Sections
This section is referred to in sections 80a-6, 80a-35, 80a-36, 80a-
58 of this title.
