Cal. Corporations Code § 25541
Cal. Corporations Code § 25541
California · California Corporations Code · Status: effective · Effective 2011-04-04
Cite this
- Citation
- Cal. Corporations Code § 25541, California, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/793385
- Permanent ID
ys:prov:793385@1- SHA-256
3fdbc34f3e5dd024621074b8eafa7186caf31699ada9949f61f9830b45bd9019
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
(a) Any person who willfully employs, directly or indirectly, any device, scheme, or artifice to defraud in connection with the offer, purchase, or sale of any security or willfully engages, directly or indirectly, in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person in connection with the offer, purchase, or sale of any security shall upon conviction be fined not more than ten million dollars ($10,000,000), or imprisoned pursuant to subdivision (h) of Section 1170 of the Penal Code for two, three, or five years, or be punished by both that fine and imprisonment.
(b) Any issuer, as defined in Section 2 of the Sarbanes-Oxley Act of 2002 (Public Law 107-204), who willfully violates subdivision (a) shall upon conviction be fined not more than twenty-five million dollars ($25,000,000), or imprisoned pursuant to subdivision (h) of Section 1170 of the Penal Code for two, three, or five years, or be punished by both that fine and imprisonment.