USA - Admin Procedures Flashcards

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1
Q

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

A

investigations, which can be public or private

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2
Q

The admin can ______ violations

A

broadcast

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3
Q

The admin can ______ persons and records

A

subpoena

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4
Q

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

A

a cease and desist order without providing a hearing

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5
Q

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

A

60 days of the order being entered

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6
Q

There is no such thing as civil ______ under the USA

A

civil penalties (only civil liability)

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7
Q

Willful violations of the act are considered _______

A

felonies

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8
Q

Will violations are punishable by:

A
  • restitution
  • fine up to $5,000
  • up to 3 years in prison
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9
Q

Statute of limitations is _____

A

5 years

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10
Q

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

A

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

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11
Q

Lawsuits will survive the death of the _____ or the ____

A

plaintiff or the defendant

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12
Q

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

A

3 years but not later than 2 years from discovery

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13
Q

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

A

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

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14
Q

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

A

30 day

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15
Q

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

A

exempt securities

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16
Q

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

A

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

17
Q

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

A

that state

18
Q

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

A

only a court