51-7-22.4. Penalties for violation by certified investment advisers.
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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 certified investment adviser is employed.
(2)In addition to any other penalty for a criminal violation of this chapter, the sentencing judge 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