New York Business Corporation Law Section 1605 - Violations; penalties.

1605. Violations; penalties.

(a) Every person who willfully violates any provision of this article shall be guilty of a class E felony; every person who willfully violates any order, rule or regulation issued pursuant thereto, shall be guilty of a class A misdemeanor.

(b) A violation of any provision of this article shall constitute a fraudulent practice within the meaning of article twenty-three-A of the general business law.

(c) Every person who violates any provision of this article shall be subject to a civil penalty of one thousand dollars per violation if a natural person or ten thousand dollars per violation if a corporation. When the violation is the failure to file a registration statement as required by subdivision (a) of section sixteen hundred two of this article, the failure to file a solicitation or recommendation as required by subdivision (c) of section sixteen hundred two of this article, or the failure to amend such registration statement as required by subdivision (b) of section sixteen hundred three of this article, each business day of non-registration or failure to file a recommendation or solicitation or failure to amend constitutes a separate violation. The penalty imposed by this section shall be cumulative and more than one penalty shall be recoverable in the same action in any court of competent jurisdiction.


Last modified: February 3, 2019