Ch5 Remedies & Admin Provisions

Question 1

Statute of limitations

Criminal

Civil

Answer 1

criminal- state prosecutor/AG
5 5 3
5 years from act
$5000
3 years in jail

civil- Administrator
Earlier of:
3 years from act
2 years from discovery

Question 2

Administrative order- appeal timing

Answer 2

Party affected by Admin order must file written petition within 60 days

Note: filing the petition does not act as a stay of the penalty

Question 3

Right of rescission

Answer 3

Avoid cost & publicity of a suit by offering to make things right re: improper sale of securities or investment advice

Letter of rescission sent to client

Client has 30 days to accept or reject.
Accept = $$
Reject = retain right to sue
No response = no recourse

Recovery= p. 103-104

Question 4

Who can bring civil suit?

When?

Answer 4

Client
‘Missing registration (security, tsxn, or agent)
-Agent named
-Lie/ omission
-Rule or order violated

Administrator
Stop unfiled materials from being published, circulated, or used

Note: death doesn’t stop civil suits that are within statute of limitations. Surety bond must be able to cover this eventuality