Series 63 practice questionmediumCriminal Liability — Willfulness
Under the Uniform Securities Act, what mental state is generally required for criminal liability for violating a provision of the Act?
- AA willful violation✓ Correct answer
- BSimple negligence in every case
- CNo mental state because every violation is automatically criminal
- DAn intent to cause a specific dollar loss
Explanation
Why A — A willful violation
The Uniform Securities Act's criminal provision applies to a person who willfully violates the Act. Civil or administrative consequences may use different standards; a violation is not automatically a criminal offense without the required willfulness.
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