---
kind: "section"
citation: "15 U.S.C. § 80a–48"
title: "15"
title_heading: "Commerce and Trade"
number: "80a–48"
heading: "Penalties"
release: "119-102"
date: "2026-07-12"
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 hereunder, or any [person](/usc/15/80a–2.md?p=a-28) who willfully in any registration statement, application, report, account, 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 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 of any rule, regulation, or order if he proves that he had no actual knowledge of such rule, regulation, or order.


## 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.