15 USC 78jjj - Prohibited acts

U.S Code last checked for updates: May 05, 2024

§ 78jjj.

Prohibited acts

(a)

Failure to pay assessment, etc.

(b)

Engaging in business after appointment of trustee or initiation of direct payment procedure

(c)

Concealment of assets; false statements or claims

(1)

Specific prohibited acts

Any person who, directly or indirectly, in connection with or in contemplation of any liquidation proceeding or direct payment procedure—

(A)

employs any device, scheme, or artifice to defraud;

(B)

engages in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person; or

(C)

fraudulently or with intent to defeat this chapter—

(i)

conceals or transfers any property belonging to the estate of a debtor;

(ii)

makes a false statement or account;

(iii)

presents or uses any false claim for proof against the estate of a debtor;

(iv)

receives any material amount of property from a debtor;

(v)

gives, offers, receives, transfers, or obtains any money or property, remuneration, compensation, reward, advantage, other consideration, or promise thereof, for acting or forebearing to act;

(vi)

conceals, destroys, mutilates, falsifies, makes a false entry in, or otherwise falsifies any document affecting or relating to the property or affairs of a debtor; or

(vii)

withholds, from any person entitled to its possession, any document affecting or relating to the property or affairs of a debtor,

shall be fined not more than $250,000 or imprisoned for not more than five years, or both.

(2)

Fraudulent conversion

(d)

Misrepresentation of SIPC membership or protection

(1)

In general

(2)

Injunctions

(Pub. L. 91–598, § 14, formerly § 10, Dec. 30, 1970, 84 Stat. 1655; renumbered § 14 and amended Pub. L. 95–283, §§ 9, 13, May 21, 1978, 92 Stat. 260, 269; Pub. L. 111–203, title IX, § 929V(b), (c), July 21, 2010, 124 Stat. 1868.)

cite as: 15 USC 78jjj