51-7-22.4 - Penalties for violation by certified investment advisers.
51-7-22.4. Penalties for violation by certified investment advisers.
(1) An intentional violation by a certified investment adviser of Section 51-7-7, 51-7-11,or 51-7-11.5, or any rule or order under this chapter is punishable by a civil penalty of:
(a) $1,000 for each day of noncompliance for the investment adviser; and
(b) $5,000 for each day of noncompliance for the firm or institution where the certifiedinvestment adviser is employed.
(2) In addition to any other penalty for a criminal violation of this chapter, the sentencingjudge may impose any penalty or remedy provided for in Subsection 51-7-22.5(1)(b).
(3) Funds collected under Subsection (1) shall be deposited in the General Fund.
Amended by Chapter 322, 2007 General Session