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Flashcards in USA - Admin Procedures Deck (18)
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1

The admin has the power to conduct _______, which can be _____ or ______

investigations, which can be public or private

2

The admin can ______ violations

broadcast

3

The admin can ______ persons and records

subpoena

4

The admin can issue a ____ and ____ order without providing a _____

a cease and desist order without providing a hearing

5

Judicial review of an admin's order must be petitioned within ______

60 days of the order being entered

6

There is no such thing as civil ______ under the USA

civil penalties (only civil liability)

7

Willful violations of the act are considered _______

felonies

8

Will violations are punishable by:

- restitution
- fine up to $5,000
- up to 3 years in prison

9

Statute of limitations is _____

5 years

10

If illegitimate securities or advisory products are sold, then that person has to _____ the securities, pay _____ interest net of income received, and pay the _____ fees

buy back the securities (plus fees paid), pay 6% interest less income received, and pay legal fees

11

Lawsuits will survive the death of the _____ or the ____

plaintiff or the defendant

12

Civil suits can be brought within ____ but no later than ____ from discovery

3 years but not later than 2 years from discovery

13

If a seller realizes that securities were offered illegally, they can offer _____

an offer of rescission, but must be made prior to suit being brought

14

If an offer of rescission is made but refused within the ____ window, then no suit may be filed

30 day

15

The only portion of the USA that the admin cannot change or amend is the definition of ______

exempt securities

16

Newspaper offers are not considered to be under the jurisdiction of the state if they do not _____ in the state or have more than _____ of circulation outside the state

not published in the state, or, if published in the state, has more than 2/3 circulation outside the state

17

Offers made over radio, tv, or other electronic medium are not considered offers in _____

that state

18

Only a ____ can enjoin a person from participating in the securities business

only a court