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2009 SESSION
090040864Be 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 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 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 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 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.