Personation in securities applications attracts criminal liability, possible disgorgement and seizure, and mandatory prospectus disclosure.

Making or abetting fictitious or multiple applications for a company's securities, or inducing allotment or transfers in fictitious names, attracts liability under section 447; the prohibition must be prominently reproduced in every prospectus and application form. On conviction the court may order disgorgement of gains and seizure and disposal of securities, with recovered amounts credited to the Investor Education and Protection Fund.

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