Adjudicating officer penalty powers clarified: factors for assessing penalty include gain, investor loss, and repetition.

Adjudicating officers may impose penalties upon satisfaction of liability under the Act; in fixing quantum they must consider disproportionate gain or unfair advantage where quantifiable, loss caused to investors or groups of investors, and the repetitive nature of the default. Orders must specify the provisions breached, contain brief reasons, and be dated and signed by the adjudicating officer.

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