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23-42-104. Criminal penalties.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-42-104. Criminal penalties.
(a) Any person who knowingly violates § 23-42-507 shall be guilty of the offense of “securities fraud”. Securities fraud is a Class B felony.
(b) Any person who knowingly violates § 23-42-501 shall be guilty of the offense of “felony offer or sale of unregistered and nonexempt securities”. Felony offer or sale of unregistered and nonexempt securities is a Class D felony.
(c) Any person who negligently violates § 23-42-501 shall be guilty of the offense of “offer or sale of unregistered and nonexempt securities”. Offer or sale of unregistered and nonexempt securities is a Class A misdemeanor.
(d) Any person who knowingly violates any rule or order of the Securities Commissioner shall be guilty of a Class B misdemeanor. No person may be imprisoned for a violation of any rule or order of which that person did not have actual knowledge.
(e) Any person who knowingly engages in any unlawful conduct prohibited by this chapter, except as provided in subsection (a), subsection (b), subsection (c), or subsection (d) of this section, shall be guilty of a Class D felony.
(f) “Purposely”, “knowingly”, “recklessly”, “negligently”, and the classes of felonies and misdemeanors set forth in this section shall be as defined and have such penalties as set forth in the Arkansas Criminal Code.
(g) Nothing in this chapter limits the power of the state to punish any person for any conduct which constitutes a crime by statute or common law.
(h) The provisions of subsection (e) of this section shall not apply to any violation of § 23-42-509.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-42-104
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-42-104
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 71a677fe79b2bccc00ebd1129aba11fa11278e11ce38cc1ef7f981ab8bcf3d90
Source location: content.xml paragraph 20063
Stored source content
23-42-104. Criminal penalties.
(a) Any person who knowingly violates § 23-42-507 shall be guilty of the offense of “securities fraud”. Securities fraud is a Class B felony.
(b) Any person who knowingly violates § 23-42-501 shall be guilty of the offense of “felony offer or sale of unregistered and nonexempt securities”. Felony offer or sale of unregistered and nonexempt securities is a Class D felony.
(c) Any person who negligently violates § 23-42-501 shall be guilty of the offense of “offer or sale of unregistered and nonexempt securities”. Offer or sale of unregistered and nonexempt securities is a Class A misdemeanor.
(d) Any person who knowingly violates any rule or order of the Securities Commissioner shall be guilty of a Class B misdemeanor. No person may be imprisoned for a violation of any rule or order of which that person did not have actual knowledge.
(e) Any person who knowingly engages in any unlawful conduct prohibited by this chapter, except as provided in subsection (a), subsection (b), subsection (c), or subsection (d) of this section, shall be guilty of a Class D felony.
(f) “Purposely”, “knowingly”, “recklessly”, “negligently”, and the classes of felonies and misdemeanors set forth in this section shall be as defined and have such penalties as set forth in the Arkansas Criminal Code.
(g) Nothing in this chapter limits the power of the state to punish any person for any conduct which constitutes a crime by statute or common law.
(h) The provisions of subsection (e) of this section shall not apply to any violation of § 23-42-509.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-42-501. Sale of unregistered nonexempt securities.
It is unlawful for any person to offer or sell any security in this state unless:
(1) It is registered under this chapter;
(2) The security or transaction is exempted under § 23-42-503 or § 23-42-504; or
(3) It is a covered security.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-42-501
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-42-501. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-42-507. Fraud or deceit in connection with offer, sale, or purchase of securities.
It is unlawful for any person, in connection with the offer, sale, or purchase of any security, directly or indirectly:
(1) To employ any device, scheme, or artifice to defraud;
(2) To make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading; or
(3) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-42-507
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-42-507. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-42-509. Covered securities.
(a) The Securities Commissioner, by rule or order, may require a notice filing consisting of any or all of the following documents with respect to a covered security under section 18(b)(2) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(2):
(1)(A) Prior to the initial offering of such a covered security in this state, all documents that are part of a current federal registration statement filed with the United States Securities and Exchange Commission under the Securities Act of 1933, together with a consent to service of process signed by the issuer and with a fee in the amount of one-tenth percent (0.1%) of the maximum aggregate offering price at which the covered securities are to be offered in this state, but the fee shall in no case be less than one hundred fifty dollars ($150) nor more than two thousand dollars ($2,000). Any portion of the fee in excess of one thousand dollars ($1,000) shall be designated as special revenues and shall be deposited into the Securities Department Fund. When a notice filing is withdrawn before the effective date, the commissioner shall retain one hundred fifty dollars ($150) of the filing fee.
(B) Sales of the covered securities in excess of the amount of covered securities to have been offered in this state shall require the person making the notice filing to pay a fee, calculated in the manner specified in subdivision (a)(1)(A) of this section, for all securities sold. In addition, if the sales are in excess of one hundred five percent (105%) of the amount to have been offered, the person making the notice filing shall pay a penalty fee of two hundred dollars ($200).
(C) The initial notice filing of an investment company, as defined in the Investment Company Act of 1940, shall be effective f
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-42-509
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-42-509. This identifies an authority to review, not proof of applicability.