(a) In addition to any other remedies, the commissioner, after giving notice and opportunity for a hearing, may issue an order that assesses an administrative fine against a person or company found to have:
(1) engaged in fraud or a fraudulent practice in connection with:
(A) the offer for sale or sale of a security; or
(B) the rendering of services as an investment adviser or investment adviser representative;
(2) made an offer containing a statement that is materially misleading or is otherwise likely to deceive the public;
(3) engaged in an act or practice that violates this title or a board rule or order; or
(4) with intent to deceive or defraud or with reckless disregard for the truth or the law, materially aided any person in engaging in an act or practice described by Subdivision (1), (2), or (3).
(b) An administrative fine assessed under this section when added to the amount of any civil penalty previously awarded under § 4007.154 must be in an amount that does not exceed:
(1) the greater of:
(A) $20,000 per violation; or
(B) the gross amount of any economic benefit gained by the person or company as a result of the act or practice for which the fine was assessed; and
(2) if the act or practice was committed against a person 65 years of age or older, an additional amount of not more than $250,000.

(c) For purposes of determining the amount of an administrative fine assessed under this section, the commissioner shall consider factors set out in guidelines established by the board.
(d) For purposes of private civil litigation, the payment of a fine assessed in an agreed order under this title does not constitute an admission of any misconduct described in the order.
(e) A proceeding for the assessment of an administrative fine must be commenced within five years after the violation occurs.