§ 13.1-521. Violations punishable by the Commission.
A. The Commission may, by judgment entered after a hearing on 30 days' noticeto the defendant, if it is proved that the defendant has knowingly made anymisrepresentation of a material fact for the purpose of inducing theCommission to take any action or to refrain from taking action, or hasviolated any provision of this chapter or any order, rule, or regulation ofthe Commission issued pursuant to this chapter, impose a civil penalty notexceeding $10,000, which shall be collectible by the process of theCommission as provided by law.
B. In addition to imposing the penalty set forth in subsection A, or withoutimposing such penalty, the Commission may, in any such case, revoke anyauthority or registration issued by the Commission to or at the instance ofthe defendant.
C. Each sale of a security contrary to the provisions of this chapter shallconstitute a separate violation. The Commission may in any such case undersubsection A order the seller to rescind any such sale and to makerestitution to the purchaser and the Commission shall consider suchrescission and restitution in determining whether a penalty should be imposedon him on account of that illegal sale, and if so, the amount of such penalty.
D. Each investment advisory contract, transaction or activity contrary to theprovisions of this chapter shall constitute a separate violation. TheCommission may in any such case under subsection A order the investmentadvisor or investment advisor representative to rescind any such contract ortransaction and to make restitution to the user of the investment advisoryservice and the Commission shall consider such rescission and restitution indetermining whether a penalty should be imposed on him on account of thatillegal contract, transaction or activity and, if so, the amount of suchpenalty.
E. The provisions of subsections C and D of this section regarding rescissionand restitution apply only to this chapter.
(Code 1950, § 13-153; 1956, c. 428; 1987, c. 678; 1990, c. 31; 2000, c. 166;2009, c. 566.)
§ 13.1-521. Violations punishable by the Commission.
A. The Commission may, by judgment entered after a hearing on 30 days' noticeto the defendant, if it is proved that the defendant has knowingly made anymisrepresentation of a material fact for the purpose of inducing theCommission to take any action or to refrain from taking action, or hasviolated any provision of this chapter or any order, rule, or regulation ofthe Commission issued pursuant to this chapter, impose a civil penalty notexceeding $10,000, which shall be collectible by the process of theCommission as provided by law.
B. In addition to imposing the penalty set forth in subsection A, or withoutimposing such penalty, the Commission may, in any such case, revoke anyauthority or registration issued by the Commission to or at the instance ofthe defendant.
C. Each sale of a security contrary to the provisions of this chapter shallconstitute a separate violation. The Commission may in any such case undersubsection A order the seller to rescind any such sale and to makerestitution to the purchaser and the Commission shall consider suchrescission and restitution in determining whether a penalty should be imposedon him on account of that illegal sale, and if so, the amount of such penalty.
D. Each investment advisory contract, transaction or activity contrary to theprovisions of this chapter shall constitute a separate violation. TheCommission may in any such case under subsection A order the investmentadvisor or investment advisor representative to rescind any such contract ortransaction and to make restitution to the user of the investment advisoryservice and the Commission shall consider such rescission and restitution indetermining whether a penalty should be imposed on him on account of thatillegal contract, transaction or activity and, if so, the amount of suchpenalty.
E. The provisions of subsections C and D of this section regarding rescissionand restitution apply only to this chapter.
(Code 1950, § 13-153; 1956, c. 428; 1987, c. 678; 1990, c. 31; 2000, c. 166;2009, c. 566.)
§ 13.1-521. Violations punishable by the Commission.
A. The Commission may, by judgment entered after a hearing on 30 days' noticeto the defendant, if it is proved that the defendant has knowingly made anymisrepresentation of a material fact for the purpose of inducing theCommission to take any action or to refrain from taking action, or hasviolated any provision of this chapter or any order, rule, or regulation ofthe Commission issued pursuant to this chapter, impose a civil penalty notexceeding $10,000, which shall be collectible by the process of theCommission as provided by law.
B. In addition to imposing the penalty set forth in subsection A, or withoutimposing such penalty, the Commission may, in any such case, revoke anyauthority or registration issued by the Commission to or at the instance ofthe defendant.
C. Each sale of a security contrary to the provisions of this chapter shallconstitute a separate violation. The Commission may in any such case undersubsection A order the seller to rescind any such sale and to makerestitution to the purchaser and the Commission shall consider suchrescission and restitution in determining whether a penalty should be imposedon him on account of that illegal sale, and if so, the amount of such penalty.
D. Each investment advisory contract, transaction or activity contrary to theprovisions of this chapter shall constitute a separate violation. TheCommission may in any such case under subsection A order the investmentadvisor or investment advisor representative to rescind any such contract ortransaction and to make restitution to the user of the investment advisoryservice and the Commission shall consider such rescission and restitution indetermining whether a penalty should be imposed on him on account of thatillegal contract, transaction or activity and, if so, the amount of suchpenalty.
E. The provisions of subsections C and D of this section regarding rescissionand restitution apply only to this chapter.
(Code 1950, § 13-153; 1956, c. 428; 1987, c. 678; 1990, c. 31; 2000, c. 166;2009, c. 566.)
