Series 63 practice questioneasyCriminal Penalties — Who Initiates Prosecution
Criminal prosecution under the Uniform Securities Act is initiated by:
- AThe state securities Administrator
- BThe SEC
- CThe appropriate prosecuting attorney (e.g., state attorney general or district attorney)✓ Correct answer
- DThe aggrieved investor directly
Explanation
Why C — The appropriate prosecuting attorney (e.g., state attorney general or district attorney)
Under USA Section 409, criminal prosecution is initiated by the appropriate prosecuting attorney, such as the state attorney general or district attorney. The Administrator may refer cases for prosecution but does not have the authority to bring criminal charges directly.
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