15 USC § 77x - Penalties

---
identifier: "/us/usc/t15/s77x"
source: "usc"
legal_status: "official_prima_facie"
title: "15 USC § 77x - Penalties"
title_number: 15
title_name: "COMMERCE AND TRADE"
section_number: "77x"
section_name: "Penalties"
chapter_number: 2
chapter_name: "SECURITIES AND TRUST INDENTURES"
subchapter_number: "I"
subchapter_name: "DOMESTIC SECURITIES"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(May 27, 1933, ch. 38, title I, § 24, 48 Stat. 87; Pub. L. 94–29, § 27(a), June 4, 1975, 89 Stat. 163.)"
---


# § 77x. Penalties

Any person who willfully violates any of the provisions of this subchapter, or the rules and regulations promulgated by the Commission under authority thereof, or any person who willfully, in a registration statement filed under this subchapter, makes any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading, shall upon conviction be fined not more than $10,000 or imprisoned not more than five years, or both.

---

**Source Credit**: (May 27, 1933, ch. 38, title I, § 24, 48 Stat. 87; Pub. L. 94–29, § 27(a), June 4, 1975, 89 Stat. 163.)

## Editorial Notes

### Amendments

1975— substituted “$10,000” for “$5,000”.

## Statutory Notes and Related Subsidiaries

### Effective Date of 1975 Amendment

Amendment by  effective , see , set out as a note under .

## Executive Documents

### Transfer of Functions

For transfer of functions of Securities and Exchange Commission, with certain exceptions, to Chairman of such Commission, see Reorg. Plan No. 10 of 1950, §§ 1, 2, eff. , 15 F.R. 3175, , set out under .