UNIFORM SECURITIES ACT (2002)
Act 551 of 2008
451.2508 Violations; penalties.
Sec. 508.
(1) A person that willfully violates this act or a rule adopted or order issued under this act, except section 504 or the notice filing requirements of section 302 or 405, or that willfully violates section 505 knowing the statement made to be false or misleading in a material respect, is guilty of a felony punishable by imprisonment for not more than 10 years or a fine of not more than $500,000.00 for each violation, or both. An individual convicted of violating a rule or order under this act may be fined, but shall not be imprisoned, if the individual did not have knowledge of the rule or order.
(2) The attorney general or the proper prosecuting attorney may institute appropriate criminal proceedings under this act with or without a reference from the administrator.
(3) This act does not limit the power of this state to punish a person for conduct that constitutes a crime under other laws of this state.
History: 2008, Act 551, Eff. Oct. 1, 2009
Compiler's Notes:
For transfer of securities division of office of finance and insurance regulation from office of finance and insurance regulation to department of licensing and regulatory affairs, see E.R.O. No. 2012-6, compiled at MCL 445.2034.
Notes of Decisions
People of Michigan v. Joel Irwing Wilson (Mich. Ct. App. 2016).
· cites it 2× “Defendant appeals as of right. We affirm defendant’s convictions, but remand for further proceedings consistent with this opinion.”
People of Michigan v. Joel Irwing Wilson (Mich. Ct. App. 2017).
· cites it 2× “2501; one count of selling an unregistered security, MCL 451.2508; and one count of larceny by conversion of more than $1,000 but less than $20,000, MCL 750.”
People of Michigan v. Joel Irwing Wilson (Mich. Ct. App. 2017).
· cites it 2× “2501; one count of selling an unregistered security, MCL 451.2508; and one count of larceny by conversion of more than $1,000 but less than $20,000, MCL 750.”
People of Michigan v. Michael David Skupin (Mich. Ct. App. 2019).
· cites it 2× “Pursuant to MCL 451.2508, anyone willfully violating the Uniform Securities Act “is guilty of a felony punishable by -13- imprisonment for not more than 10 years .”
People of Michigan v. Thomas Mulholland (Mich. Ct. App. 2018).
“2501, and general securities act violations, MCL 451.2508. The trial court sentenced both defendants to concurrent prison terms of 120 to 1 MCL 451.”
People of Michigan v. Thomas Mulholland (Mich. Ct. App. 2018).
“2501, and general securities act violations, MCL 451.2508. The trial court sentenced both defendants to concurrent prison terms of 120 to 1 MCL 451.”
People of Michigan v. Joel Irwing Wilson (Mich. Ct. App. 2018).
“2501, and two counts of securities act violation, MCL 451.2508. Defendant was sentenced to concurrent prison terms of 105 to 240 months for the racketeering conviction, and 80 to 120 months for each remaining conviction.”
People of Michigan v. Joel Irwing Wilson (Mich. Ct. App. 2018).
“2501, and two counts of securities act violation, MCL 451.2508. Defendant was sentenced to concurrent prison terms of 105 to 240 months for the racketeering conviction, and 80 to 120 months for each remaining conviction.”
— Mich. Comp. Laws § 451.2508(1) — 1 case
People of Michigan v. Michael David Skupin (Mich. Ct. App. 2019).
“Pursuant to MCL 451.2508, anyone willfully violating the Uniform Securities Act “is guilty of a felony punishable by -13- imprisonment for not more than 10 years .”
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