Commodities Crimes

Chapter 6 of Division 4.5 of Title 4 of the California Corporations Code deals with crimes and civil liability under the commodities law.

Section 29550 provides that any person who willfully violates any provision of this law, or who willfully violates any rule or order under this law, upon conviction will be fined not more than $250,000 or imprisoned; but no person may be imprisoned for the violation of any rule or order if that person proves that he or she had no knowledge of the rule or order. One-half of the fines collected under this section must be paid to the State Corporations Fund to be used for the support of this division. The remainder of the fines collected under this section are to be paid to the state or local agency which brought the criminal prosecution.

Section 29551 specifies that nothing in this law limits the power of the state to punish any person for any conduct which constitutes a crime under any other statute.

Section 29552 states that any person who materially assists in any violation of this law, or any rule or order of the commissioner under this law, is jointly and severally liable with any other person liable under this law for the violation.

Section 29553 prohibits any action from being maintained to enforce any liability unless brought before the expiration of four years after the act or transaction constituting the violation or within one year after the discovery by the plaintiff of the facts constituting the violation, whichever occurs last.

Section 29554 specifies that every cause of action under this law survives the death of any person who might have been a plaintiff or defendant.

Section 29555 states that no civil liability in favor of any private party arises against any person by implication from, or as a result of, the violation of any provision of this law or any rule or order under this law.