Practice Quiz

FINRA Series 6

Category - Series 6

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Under the 1988 Insider and Securities Enforcement Act, a person convicted of insider trading can be subject to:
  1. up to 10 years in prison and a fine of either $1.5 million or up to 150% of the amount of profits gained or losses avoided, or both.
  2. up to 5 years in prison, a $150,000 fine, or both.
  3. up to 10 years in prison and a fine of $1,500,000 or both.
  4. up to 10 years in prison and a fine of either $1 million or up to 3 times the amount of profits gained or losses avoided, whichever is greater.
Explanation
Answer: D - The 1988 Insider Trading and Securities Enforcement Act increased the penalties for a person convicted of insider trading to up to 10 years in prison and a fine of either $1 million or up to 3 times the amount of profits gained or losses avoided, whichever is greater.
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