Penalty for fraudulent and unfair trade practices: liable to substantial monetary penalty or multiple of profits, whichever is higher.

Persons who engage in fraudulent or unfair trade practices in relation to securities are subject to a statutory monetary penalty that prescribes a mandatory minimum and an upper measure determined as the higher of an upper monetary ceiling or a multiple of the profits derived from the misconduct, applied within the adjudicatory penalty framework.

---

---

---