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Georgia State Code
Title      10
Chapter       5  
Section Navigation     1 ... 10           11 ... 20    
    21 ... 24      
Section<<< 11 12 13 14 15 16 17 18 19 20 >>>  
Title 10, Chapter 5, Section 13 (10-5-13)

(a) Whenever it may appear to the commissioner, either upon complaint or otherwise, that any person has engaged in or is engaging in or is about to engage in any act or practice or transaction which is prohibited by this chapter or by any rule, regulation, or order of the commissioner promulgated or issued pursuant to any Code section of this chapter or which is declared to be unlawful under this chapter, the commissioner may, at his or her discretion, act under any or all of the following paragraphs:

(1) Impose administrative sanctions as provided in this paragraph:

(A) Subject to notice and opportunity for hearing in accordance with Code Section 10-5-16, unless the right to notice is waived by the person against whom the sanction is imposed, the commissioner may:

(i) Issue a cease and desist order against any person;

(ii) Censure the person if the person is registered as an issuer, dealer, limited dealer, salesperson, limited salesperson, investment adviser, or investment adviser representative;

(iii) Bar or suspend the person from association with a registered dealer, a limited dealer, or an investment adviser in this state; or

(iv) Issue an order against an applicant, registered person, or other person who willfully violates this chapter, imposing a civil penalty up to a maximum of $50,000.00 for a single violation or up to $500,000.00 for multiple violations in a single proceeding or a series of related proceedings;

(B) Imposition of the sanctions under this paragraph is limited as follows:

(i) If the commissioner revokes the registration of a dealer, limited dealer, salesperson, limited salesperson, investment adviser, or investment adviser representative or bars a person from association with a registered dealer, limited dealer, or investment adviser under subparagraph (A) of this paragraph, the imposition of that sanction precludes imposition of the sanction specified in division (iv) of subparagraph (A) of this paragraph; and

(ii) The imposition by the commissioner of one or more sanctions under this paragraph with respect to a specific violation precludes the commissioner from later imposing any other sanctions under this paragraph with respect to the violation;

(C) For the purpose of determining the amount or extent of a sanction, if any, to be imposed under subparagraph (A) of this paragraph, the commissioner shall consider, among other factors, the frequency, persistence, and willfulness of the conduct constituting a violation of this chapter or a rule promulgated thereunder or an order of the commissioner, the number of persons adversely affected by the conduct, and the resources of the person committing the violation;

(2) Seek civil sanctions by applying to any superior court of competent jurisdiction in this state, which court:

(A) Upon a showing by the commissioner that a person has violated this chapter, a rule promulgated thereunder, or an order of the commissioner, may enter or grant:

(i) A temporary restraining order, permanent or temporary injunction, or a writ of prohibition or mandamus;

(ii) A civil penalty up to a maximum of $50,000.00 for a single violation or up to $500,000.00 for multiple violations in a single proceeding or a series of related proceedings;

(iii) A declaratory judgment;

(iv) Restitution to investors;

(v) The appointment of a receiver, auditor, or conservator for the defendant or the defendant's assets;

(vi) An order of disgorgement; or

(vii) Other relief as the court deems just and equitable;

(B) May, upon a showing by the commissioner that the defendant is about to violate this chapter, a rule promulgated thereunder, or an order of the commissioner, issue:

(i) A temporary restraining order;

(ii) A temporary or permanent injunction;

(iii) A writ of prohibition or mandamus; or

(iv) Such other relief as the court deems just and equitable;

(C) In determining the appropriate relief to grant, shall consider enforcement action taken and sanctions imposed by the commissioner under paragraph (1) of this subsection in connection with the transaction or transactions constituting a violation of this chapter, a rule promulgated thereunder, or an order of the commissioner; and

(D) Upon a showing by the securities agency or administrator of another state that a person has violated the securities or investment adviser law of that state, a rule promulgated thereunder, or an order of said agency or administrator, in addition to any other legal or equitable remedies, may impose one or more of the following remedies:

(i) The appointment of a receiver, auditor, conservator, or ancillary receiver or conservator for the defendant or the defendant's assets located in this state; and

(ii) Such other relief as the court deems just and equitable; or (3) Transmit such evidence as may be available concerning such act, practice, or transaction to any district attorney or to the Attorney General, who may, at his or her individual discretion, institute the necessary criminal proceedings.

(b) In any proceedings for an injunction, the commissioner may apply for and be entitled to have issued the court's subpoena requiring:

(1) The appearance forthwith of any defendant and his agents, employees, partners, officers, or directors; and

(2) The production of such documents, books, and records as may appear necessary for the hearing upon the petition for an injunction.

Upon proof of any of the offenses described in this Code section, the court may grant such injunction and appoint a receiver or an auditor and issue such other orders for the protection of investors as the facts may warrant.

(c) In any criminal proceeding either the district attorney or the Attorney General or both may apply for and be entitled to have issued the court's subpoena requiring:

(1) The appearance forthwith of any defendant or his agents, employees, partners, officers, or directors; and

(2) The production of such documents, books, and records as may appear necessary for the prosecution of such criminal proceedings.

Sunday May 24 09:11 EDT


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