---
kind: "section"
citation: "15 U.S.C. § 80a–48"
title: "15"
title_heading: "Commerce and Trade"
number: "80a–48"
heading: "Penalties"
release: "119-102"
url: "https://uscodex.org/usc/15/80a-48"
units:
  - "Chapter 2D — Investment Companies and Advisers"
  - "Subchapter I — Investment Companies"
---

# §80a–48. Penalties


Any [person](/usc/15/80a–2.md?p=a-28) who willfully violates any provision of this subchapter or of any rule, regulation, or [order](/usc/15/8702.md?p=14) hereunder, or any [person](/usc/15/80a–2.md?p=a-28) who willfully in any [registration statement](/usc/15/77b.md?p=a-8), [application](/usc/15/77ccc.md?p=8), report, [account](/usc/15/1681a.md?p=r-4), record, or other document filed or transmitted pursuant to this subchapter or the keeping of which is required pursuant to [section 80a–30(a) of this title](/usc/15/80a–30.md?p=a) makes any untrue statement of a material fact or omits to [state](/usc/15/80a–2.md?p=a-39) any material fact necessary in [order](/usc/15/8702.md?p=14) to prevent the statements made therein from being materially misleading in the light of the circumstances under which they were made, shall upon conviction be fined not more than $10,000 or imprisoned not more than five years, or both; but no [person](/usc/15/80a–2.md?p=a-28) shall be [convicted](/usc/15/80a–2.md?p=a-10) under this section for the [violation](/usc/15/57b–1.md?p=a-7) of any rule, regulation, or [order](/usc/15/8702.md?p=14) if he proves that he had no actual knowledge of such rule, regulation, or [order](/usc/15/8702.md?p=14).


## Source credit

(Aug. 22, 1940, ch. 686, title I, § 49, 54 Stat. 846; Pub. L. 94–29, § 27(e), June 4, 1975, 89 Stat. 163.)

## Notes

### Editorial Notes

### Amendments

1975—Pub. L. 94–29 substituted “or imprisoned not more than five years” for “or imprisoned not more than two years”.

### 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.