Series 63 practice questionmediumCriminal Penalties — Statute of Limitations
Under the Uniform Securities Act, the statute of limitations for criminal prosecution of a willful violation is:
- A1 year from the date of the violation
- B5 years from the date of the violation✓ Correct answer
- C3 years from the date of the violation
- DThere is no statute of limitations for securities crimes
Explanation
Why B — 5 years from the date of the violation
Under USA Section 409(b), a criminal prosecution must be commenced within 5 years after the alleged violation. This is longer than the civil statute of limitations (3 years from sale / 2 years from discovery) because criminal cases often involve more complex investigations.
Turn it into reps
Reading one answer is not the same as being ready
Lucky the Banker is a free practice app with 646+ Series 63 questions, weak-area tracking, and timed mock exams. No credit card, no paywall.
Related Remedies & Administrative Provisions questions
- Criminal prosecution under the Uniform Securities Act is initiated by:
- In a criminal prosecution under the USA, the prosecution must prove the defendant's guilt by what standard?
- In a civil action under the USA, the plaintiff must meet which burden of proof?
- A person convicted of willfully violating the Uniform Securities Act may be subject to: