Sec. 15. liability of controlling persons
198 words·~1 min read·
/statute-compilations/comps-1884/sec-15A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
## Sec. 15 liability of controlling persons **[**77o**]** ###
(a)Controlling Persons Every person who, by or through stock ownership, agency, or otherwise, or who, pursuant to or in connection with an agreement or understanding with one or more other persons by or through stock ownership, agency, or otherwise, controls any person liable under section 11 or 12, shall also be liable jointly and severally with and to the same extent as such controlled person to any person to whom such controlled person is liable, unless the controlling person had no knowledge of or reasonable ground to believe in the existence of the facts by reason of which the liability of the controlled person is alleged to exist. ###
(b)Prosecution of Persons Who Aid and Abet Violations For purposes of any action brought by the Commission under subparagraph
(b)or
(d)of section 20, any person that knowingly or recklessly provides substantial assistance to another person in violation of a provision of this Act, or of any rule or regulation issued under this Act, shall be deemed to be in violation of such provision to the same extent as the person to whom such assistance is provided.