Series 63 practice questionmediumCriminal Penalties — Concurrent Actions
In a state-administrator case study, the scenario starts here. Read it as a Uniform Securities Act issue rather than a federal-law issue. A person who violates the USA may be subject to:
- AEither administrative or criminal penalties, but not both
- BEither civil or criminal penalties, but not both
- COnly the penalty that the Administrator deems most appropriate
- DAdministrative, civil, and criminal penalties simultaneously✓ Correct answer
Explanation
Why D — Administrative, civil, and criminal penalties simultaneously
Under the USA, administrative, civil, and criminal remedies are not mutually exclusive. A violator may face administrative action by the Administrator (suspension, revocation), civil liability to injured investors under Section 410, and criminal prosecution under Section 409, all arising from the same conduct. State-law analysis leads to the same conclusion despite the alternate scenario.
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