A junior banker at William Blair sells an unregistered, non-exempt security in State A after being warned by the Administrator that the transaction may violate the law. The banker continues the sales. Which is the LEAST likely outcome if the Administrator refers this to the Attorney General?

1. AThe banker is prosecuted and faces fines and imprisonment.
2. BThe banker is only subject to administrative sanctions and not criminal penalties.✓ Correct answer
3. CThe banker is criminally prosecuted for a willful violation.
4. DThe banker may face both civil and criminal proceedings.

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