U.S. Code » Title 15 » Chapter CHAPTER 14B— SMALL BUSINESS INVESTMENT PROGRAM › Subchapter SUBCHAPTER III— INVESTMENT DIVISION PROGRAMS › Part Part A— Small Business Investment Companies

15 U.S.C. § 687f

Unlawful acts and omissions by officers, directors, employees, or agents

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(a) Violation by licensee deemed violation by persons participating

Wherever a licensee violates any provision of this chapter or regulation issued thereunder by reason of its failure to comply with the terms thereof or by reason of its engaging in any act or practice which constitutes or will constitute a violation thereof, such violation shall be deemed to be also a violation and an unlawful act on the part of any person who, directly or indirectly, authorizes, orders, participates in, or causes, brings about, counsels, aids, or abets in the commission of any acts, practices, or transactions which constitute or will constitute, in whole or in part, such violation.

(b) Breach of fiduciary duty

It shall be unlawful for any officer, director, employee, agent, or other participant in the management or conduct of the affairs of a licensee to engage in any act or practice, or to omit any act, in breach of his fiduciary duty as such officer, director, employee, agent, or participant, if, as a result thereof, the licensee has suffered or is in imminent danger of suffering financial loss or other damage.

(c) Disqualification of officers and employees for dishonesty, fraud, or breach of trustExcept with the written consent of the Administration, it shall be unlawful—(1) for any person hereafter to take office as an officer, director, or employee of a licensee, or to become an agent or participant in the conduct of the affairs or management of a licensee, if—(A) he has been convicted of a felony, or any other criminal offense involving dishonesty or breach of trust, or(B) he has been found civilly liable in damages, or has been permanently or temporarily enjoined by an order, judgment, or decree of a court of competent jurisdiction, by reason of any act or practice involving fraud or breach of trust; or(2) for any person to continue to serve in any of the above-described capacities, if—(A) he is hereafter convicted of a felony, or any other criminal offense involving dishonesty or breach of trust, or(B) he is hereafter found civilly liable in damages, or is permanently or temporarily enjoined by an order, judgment, or decree of a court of competent jurisdiction, by reason of any act or practice involving fraud or breach of trust.(Pub. L. 85–699, title III, § 314, as added Pub. L. 89–779, § 7, Nov. 6, 1966, 80 Stat. 1363.)Editorial NotesReferences in Text

For definition of “this chapter”, referred to in subsec. (a), see References in Text note set out under section 661 of this title.

Notes of Decisions
Cited in 5 cases, 1974–2018 · leading case: U.S. Small Bus. Admin. Funding Corp. v. Feinsod, 347 F. Supp. 3d 147 (E.D.N.Y 2018).
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U.S. Small Bus. Admin. Funding Corp. v. Feinsod, 347 F. Supp. 3d 147 (E.D.N.Y 2018). “See 15 U.S.C. § 687f(b) ("It shall be unlawful for any officer [or] director .”
United States Small Bus. Admin. v. Beaulieu, 75 F. App'x 249 (5th Cir. 2003). · cites it 2× “Breach of Fiduciary Duty Under SBA regulations, a breach of fiduciary duty between an SSBIC and its officers is made unlawful pursuant to 15 U.S.C. § 687f(b). 4 SBA claims that Appellants breached their fiduciary duty: (1) by causing SCDF to subordinate its first position on the…”
Small Bus. Admin. v. Echevarria, 864 F. Supp. 1254 (S.D. Fla. 1994). “See 15 U.S.C. § 687f(b). Congress has delegated authority to the SBA to promulgate regulations to curb conflicts of interest involving Licensees, such as Trans Florida.”
Goodall v. Columbia Ventures, Inc., 374 F. Supp. 1324 (S.D.N.Y. 1974). “In 1966, when it enacted 15 U.S.C. § 687f, congress adopted a similar approach to preventing breaches of trust and fiduciary duty, dishonesty and fraud by persons affiliated with small business investment companies.”
Glover v. Premierbank, 59 F. App'x 850 (7th Cir. 2003). “He also asserted federal-question jurisdiction under 15 U.S.C. § 687f(b), which imposes liability for breaches of fiduciary duty by persons involved in the management of a small business investment company.”
— 15 U.S.C. § 687f(b) — 4 cases
U.S. Small Bus. Admin. Funding Corp. v. Feinsod, 347 F. Supp. 3d 147 (E.D.N.Y 2018). “See 15 U.S.C. § 687f(b) ("It shall be unlawful for any officer [or] director .”
United States Small Bus. Admin. v. Beaulieu, 75 F. App'x 249 (5th Cir. 2003). “Breach of Fiduciary Duty Under SBA regulations, a breach of fiduciary duty between an SSBIC and its officers is made unlawful pursuant to 15 U.S.C. § 687f(b). 4 SBA claims that Appellants breached their fiduciary duty: (1) by causing SCDF to subordinate its first position on the…”
Small Bus. Admin. v. Echevarria, 864 F. Supp. 1254 (S.D. Fla. 1994). “See 15 U.S.C. § 687f(b). Congress has delegated authority to the SBA to promulgate regulations to curb conflicts of interest involving Licensees, such as Trans Florida.”
Glover v. Premierbank, 59 F. App'x 850 (7th Cir. 2003). “He also asserted federal-question jurisdiction under 15 U.S.C. § 687f(b), which imposes liability for breaches of fiduciary duty by persons involved in the management of a small business investment company.”
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.