Civil & Criminal Procedures Flashcards
7 cards from real Series 66 – Uniform Combined State Law Exam practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Civil & Criminal Procedures flashcards as text
Under the Uniform Securities Act, a person who willfully violates the Act is subject to which criminal penalty?
Answer: Up to $5,000 fine, up to 3 years in prison, or both
The USA provides for a fine of up to $5,000, imprisonment up to 3 years, or both for willful violations.
Who generally initiates criminal prosecution for willful violations of the Uniform Securities Act?
Answer: The state attorney general or county prosecutor, upon referral by the Administrator
The Administrator may refer evidence to the proper prosecuting officials, since the Administrator cannot prosecute criminally on their own.
An agent is criminally charged under the USA for violating a rule. Which defense can eliminate imprisonment?
Answer: Proof that the agent had no knowledge of the rule
No person may be imprisoned for violating a rule or order if they prove they had no knowledge of it.
Which action can the Administrator take WITHOUT going to court?
Answer: Issue a cease and desist order after a finding of violation
The Administrator has administrative powers such as cease and desist, denial, suspension, and revocation; imprisonment and receivers require courts.
An investor wants to recover under the USA's civil liability provisions for a purchase made through an untrue statement. What may the investor recover?
Answer: Consideration paid plus interest, costs and attorney fees, less income received
Civil remedy is rescission-type: consideration paid plus interest at the statutory rate, costs and attorney fees, minus income received, upon tender of the security.
What is the standard civil liability statute of limitations under the USA?
Answer: 2 years from discovery of the violation, and no more than 5 years from the contract of sale
Suit must be brought within 2 years after discovery of the facts, or 5 years after the contract of sale, whichever is earlier.
Which statement about waivers is correct under the USA?
Answer: Any condition requiring a buyer to waive compliance with the Act is void
Any stipulation binding a person to waive compliance with the Act is void.
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