§50 Offenses and Penalties

Summary

People must obey a federal district court order to follow a Commission subpoena. That means going to testify, answering lawful questions, and giving up papers if they can. Refusing or neglecting to do these things is a crime punishable by a fine of not less than $1,000 and not more than $5,000, or by up to one year in jail, or both. Anyone who intentionally makes false statements in required reports or in business records, who fails to keep full and true records, who removes, alters, or hides documentary evidence, or who refuses to let the Commission or its agents inspect or copy documents in their control is also guilty of a crime. Conviction for those acts carries a fine of not less than $1,000 and not more than $5,000, or up to three years in prison, or both. If a person, partnership, or corporation required to file annual or special reports does not file by the Commission’s deadline and still has not filed 30 days after notice, the corporation must forfeit $100 for each day of continued failure. That money goes into the U.S. Treasury and can be collected in a civil suit where the business is based or does business, or where a person lives or works. U.S. attorneys, under the Attorney General, must pursue those forfeitures, and prosecution costs come from the courts’ expense appropriation. Any Commission officer or employee who publicly releases Commission information without permission, unless a court orders it, commits a misdemeanor and faces a fine up to $5,000, or up to one year in jail, or both.