What kinds of penalties can someone be subjected to if convicted of securities fraud?

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What is a "false disclosure" in a securities fraud case?
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What is securities fraud?
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What is the Securities Exchange Act of 1934 and how does it relate to securities fraud?
What is the difference between Securities Act of 1933 and the Securities Exchange Act of 1934?
What is a "material misrepresentation" in securities fraud?
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How is the SEC empowered to investigate and prosecute securities fraud cases?

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