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2009 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 13.1-521 of the Code of Virginia is amended and reenacted as follows:
§ 13.1-521. Violations punishable by the Commission.
A. The Commission may, by judgment entered after a hearing on
thirty 30 days' notice to the defendant, if it is proved that the
defendant has knowingly made any misrepresentation of a material fact for the
purpose of inducing the Commission to take any action or to refrain from taking
action, or has violated any provision of this chapter or any order, rule, or
regulation of the Commission issued pursuant to this chapter, impose a civil
penalty not exceeding $5,000 $10,000, which shall be collectible
by the process of the Commission as provided by law.
B. In addition to imposing the penalty set forth in subsection A, or without imposing such penalty, the Commission may, in any such case, revoke any authority or registration issued by the Commission to or at the instance of the defendant.
C. Each sale of a security contrary to the provisions of this
chapter shall constitute a separate violation. The Commission may request
in any such case under subsection A order the seller to rescind any such
sale and to make restitution to the purchaser. If the seller complies with
the request, and the Commission shall consider such compliance
rescission and restitution in determining whether a penalty
should be imposed on him on account of that illegal sale, and if so, the amount
of such penalty.
D. Each investment advisory contract, transaction or activity
contrary to the provisions of this chapter shall constitute a separate
violation. The Commission may request in any such case under
subsection A order the investment advisor or investment advisor
representative to rescind any such contract or transaction and to make
restitution to the user of the investment advisory service, and if
the investment advisor or investment advisor representative complies with the
request, the Commission shall consider such compliance rescission
and restitution in determining whether a penalty should be imposed on him
on account of that illegal contract, transaction or activity and, if so, the
amount of such penalty.
E. The provisions of subsections C and D of this section regarding rescission and restitution apply only to this chapter.