§ 10-04-18 — Penalties

North Dakota § 10-04-18

• Jurisdiction: North Dakota
• Title 10: Corporations
• Ch. 10-04: Supervision of Issue and Sale of Securities

Text

1. Any person who willfully violates any provision of this chapter, except section
10-04-08.4 or subsection 4 of section 10-04-10, or any rule or order of the
commissioner made pursuant to the provisions of this chapter, or who engages in any
act, practice, or transaction declared by any provision of this chapter to be unlawful
shall be guilty of a class B felony.
2. As used in this section, the term "willfully", except as it applies to subdivisions a and b
of subsection 1 of section 10-04-10.1 and subdivisions a and c of subsection 2 of
section 10-04-15, means that the person acted intentionally in the sense that the
person was aware of what the person was doing. Proof of evil motive or intent to
violate the law or knowledge that the law was being violated is not required.
3. Each violative act or omission constitutes a separate offense, and a prosecution or
conviction for any one offense shall not bar a prosecution or conviction for any other
offense.
4. An information must be filed or an indictment must be found under this chapter within
five years after the alleged violation.
5. No action may be brought under this chapter by the commissioner after five years from
the date that the commissioner knew or reasonably should have known about the facts
that are the basis for the alleged violation. This subsection does not apply to any
action under sections 10-04-09 and 10-04-11.