Title Xvi

TITLE XVI- INVESTIGATIONS, OFFENSES, AND PENALTIES give a fair and accurate presentation of the
The commission may investigate an alleged violation of this corporation’s condition in collusion with the officials of
code, or of a rule, regulation, or under of the TITLE XVI- the company, shall be punished with a fine ranging from
Commission. It may publish its findings, orders, opinions and 80k to 500k. When the statement if FRAUDULENT or
the like concerning its violations and shall give reasonable has effect in the public, shall be fined ranging from 100k
notice to coordinate with the appropriate regulatory agency to 600k (163)
prior to any such publication (154)  Those responsible for the formation of a corporation
 The SEC, through its designated officer, may through fraud, or who assisted directly or indirectly
o Administer oaths and affirmations therein, shall be punished with a fine ranging from 200k
o Issue subpoena and subpoena duces tecum to 2m. If it is injurious or detrimental to the public, the
o Take testimony in any inquiry or investigation and fine shall be from 400k-5m (164)
o May perform other acts necessary to the proceedings  A corporation that conducts its business through fraud
or to the investigation (155) shall be punished with a fine ranging from 200k to 2m.
 The SEC may issue a cease and desist order ex parte to When it is injurious or detrimental to the public, the fine
enjoin an act or practice which is fraudulent or can be shall be from 400k-5m (165)
reasonably expected to cause significant, imminent and  A corporation used for fraud, or for committing or
irreparable danger or injury to public safety or welfare concealing graft and corrupt practices as defined, shall
(156) be liable for a fine ranging from 100k-5m, when there is
 Any person who fails or refuses to comply with any a finding that its key officials are engaged and the
lawful order, decision, or subpoena issued by the corporation’s failure to install (a) safeguards for the
commission shall be held in contempt and fined in an transparent and lawful delivery of service, (b) policies,
amount not exceeding t30k after due notice and hearing code of ethics and procedures against graft and
and without justifiable clause. corruption shall be prima facie evidence of corporate
 The commission may impose a daily fine of 1k until the liability (166)
order, decision, or subpoena is complied with (157)  A corporation that appoints an intermediary who
 If the commission finds that any provision of this code, engages in graft and corrupt practices for the
rules or regulations has been violated, it may impose corporation’s benefit or interest shall be punished with
any of all of the following sanctions: a fine ranging from 100k to 1m (167)
o Imposition of a fine raging 5k-2m and not more than  A director, trustee or officer who knowingly fails to
1k for each day of continuing violation but in no case sanction, report or file the appropriate action with
exceed 2m proper agencies, allows or tolerates the graft and
o Issuance of a permanent cease and desist order corrupt practices or fraudulent acts committed by that
o Suspension or revocation of the certificate of person, shall be fined ranging from 500k to 1m (168)
incorporation and  Any person who commits acts detrimental to a
o Dissolution of the corporation and forfeiture of its whistleblower such as interfering with the lawful
assets under the conditions of title XIV of this code employment or livelihood of the latter shall be punished
(158) with a fine ranging from 100k to 1m at the discretion of
 The unauthorized use of a corporate name shall be the court (169)
punished with a fine ranging from 10k to 200k (159)  Violations of any of the other provisions of this Code or
 When a director, trustee or officer willfully holds office, its amendments not otherwise specifically penalized
or willfully conceals such disqualifications, such person therein shall be punished by a fine of not less than 10k
shall be punished with a fine ranging from 10k to 200k but not more than 1m. If the violation is done by the
and shall be disqualified for that position of any corporation, the same may be dissolved in appropriate
corporation. When the violation is detrimental or proceedings before the commission. Liability for any of
injurious to the public, the violation is ranging from 20k the foregoing offenses shall be separate from any other
to 400k (160) administrative, civil, or criminal liability (170)
 The unjustified failure or refusal by the corporation, or  If the offender is a corporation, the penalty may be
those responsible for keeping and maintaining imposed upon such corporation and/or upon its
corporate records shall be punished with a fine ranging directors, trustees or officers, stockholders, members or
from 10k to 200k and if detrimental to the public, 20k to employees responsible for the violation or indispensable
400k. It should not be prejudice under sec. 157 (161) to its commission at the discretion of the court (171)
 Any person who willfully certifies a report required shall  Anyone who shall aid, abet, counsel, command, induce,
be punished with a fine ranging from 20k to 200k and if or cause any violation of this code, or any rule,
detrimental or injurious to the public, 40k-400k (162) regulation or order of the Commission shall be punished
with a fine not exceeding that imposed on the principal
 An Independent auditor who certifies the corporation’s
offenders, at the discretion of the court, after taking into
FS despite its completeness or inaccuracy, its failure to
account their participation in the offense (172)

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TITLE XVI- INVESTIGATIONS, OFFENSES, AND PENALTIES give a fair and accurate presentation of the

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