| | | 3. An alternative approach would be a standard providing for | | absolute immunity. See generally Anne Wright, Form U-5 | | Defamation, 52 Wash. & Lee L. Rev. 1299 (1995); Acciardo v. | | Millennium Sec. Corp., 83 F. Supp. 2d 413 (S.D.N.Y. 2000) | | (discussing both New York qualified and absolute immunity cases). |
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| | | 4. Securities administrators or self-regulatory organizations | | generally are subject to absolute or qualified immunity for | | actions of their employees within the course of their official | | duties. See 10 Louis Loss & Joel Seligman, Securities Regulation | | 4818-4821 (3d ed. rev. 1996). |
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| | | 5. As is generally the law "truth is a complete defense to a | | defamation action." Andrews v. Prudential Sec., Inc., 160 F.3d | | 304, 308 (6th Cir. 1998). |
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| | | 6. An agent who has been the subject of a Form U-5, Uniform | | Termination Notice for Securities Industry Registration, may | | respond to specified adverse disclosures and have her or his | | responses reprinted on the published version of Form U-5. |
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| | | 7. Through September 2002 no state had adopted an immunity | | provision in its securities statute. No state has rejected | | immunity in this context by judicial decision. A number of states | | have adopted qualified immunity by judicial decision. See, e.g., | | Eaton Vance Distrib., Inc. v. Ulrich, 692 So.2d 915 (Fla. Dist. | | Ct. App. 1997); Bavarati v. Josephal, Lyon & Ross, Inc., 28 F.3d | | 704 (7th Cir. 1994) (Illinois); Andrews v. Prudential Sec., Inc., | | 160 F.3d 304 (6th Cir. 1998) (Michigan); Prudential Sec., Inc. v. | | Dalton, 929 F. Supp. 1411 (N.D. Okla. 1996) (Oklahoma); Glennon | | v. Dean Witter Reynolds Inc., 83 F.3d 132 (6th Cir. 1996) | | (Tennessee). |
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| | | §16508.__Criminal penalties |
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| | | 1.__Criminal penalties.__A person that intentionally or | | knowingly violates this chapter, or a rule adopted or order | | issued under this chapter, except section 16504 or the notice | | filing requirements of section 16302 or 16405, or that | | intentionally or knowingly violates section 16505 knowing the | | statement made to be false or misleading in a material respect, | | upon conviction, commits a Class C crime. An individual convicted | | of violating a rule or order under this chapter may be fined, but | | may not be imprisoned, if the individual did not have knowledge | | of the rule or order. |
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| | | 2.__Referral to Attorney General.__The administrator may refer | | such evidence as is available concerning violations of this | | chapter or any rule or order issued under this chapter to the | | Attorney General, who may, with or without such a reference from |
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