---
kind: "section"
citation: "15 U.S.C. § 80b–17"
title: "15"
title_heading: "Commerce and Trade"
number: "80b–17"
heading: "Penalties"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/80b-17"
units:
  - "Chapter 2D — Investment Companies and Advisers"
  - "Subchapter II — Investment Advisers"
---

# §80b–17. Penalties


Any [person](/usc/15/80a–2.md?p=a-28) who willfully violates any provision of this subchapter, or any rule, regulation, or order promulgated by the [Commission](/usc/15/80a–2.md?p=a-7) under authority thereof, shall, upon conviction, be fined not more than $10,000, imprisoned for not more than five years, or both.


## Source credit

(Aug. 22, 1940, ch. 686, title II, § 217, 54 Stat. 857; Pub. L. 86–750, § 15, Sept. 13, 1960, 74 Stat. 888; Pub. L. 94–29, § 27(f), June 4, 1975, 89 Stat. 163.)

## Notes

### Editorial Notes

### Amendments

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

1960—Pub. L. 86–750 inserted “, or any rule, regulation or order promulgated by the Commission under authority thereof,”.

### 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.