Utah Code 51-7-22.4. Penalties for violation by certified investment advisers
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(1) An intentional violation by a certified investment adviser of Section 51-7-7 , 51-7-11 , or 51-7-11.5 , or any rule or order under this chapter is punishable by a civil penalty of:
Terms Used In Utah Code 51-7-22.4
- Certified investment adviser: means a federal covered adviser, as defined in Section
61-1-13 , or an investment adviser, as defined in Section61-1-13 , who is certified by the director as having met the applicable criteria of council rule. See Utah Code 51-7-3
(1)(a) $1,000 for each day of noncompliance for the investment adviser; and
(1)(b) $5,000 for each day of noncompliance for the firm or institution where the certified investment adviser is employed.
(2) In addition to any other penalty for a criminal violation of this chapter, the sentencing judge may impose any penalty or remedy provided for in Subsection 51-7-22.5(1)(b) .
(3) Funds collected under Subsection (1) shall be deposited in the General Fund.