---
kind: "section"
citation: "15 U.S.C. § 77yyy"
title: "15"
title_heading: "Commerce and Trade"
number: "77yyy"
heading: "Penalties"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/77yyy"
units:
  - "Chapter 2A — Securities and Trust Indentures"
  - "Subchapter III — Trust Indentures"
---

# §77yyy. Penalties


Any [person](/usc/15/77b.md?p=a-2) who willfully violates any provision of this subchapter or any rule, regulation, or order thereunder, or any [person](/usc/15/77b.md?p=a-2) who willfully, in any [application](/usc/15/77ccc.md?p=8), report, or document filed or required to be filed under the provisions of this subchapter or any rule, regulation, or order thereunder, makes any untrue statement of a material fact or omits to [state](/usc/15/77ccc.md?p=14) 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 III, § 325, as added Aug. 3, 1939, ch. 411, 53 Stat. 1177; amended Pub. L. 94–29, § 27(d), June 4, 1975, 89 Stat. 163.)

## Notes

### Editorial Notes

### Amendments

1975—Pub. L. 94–29 substituted “$10,000” for “$5,000”.

### Statutory Notes and Related Subsidiaries

### Effective Date of 1975 Amendment

Amendment by Pub. L. 94–29 effective June 4, 1975, see section 31(a) of Pub. L. 94–29, set out as a note under section 78b of this title.