2015 Oklahoma Statutes
Title 71. Securities
§71-406.1. Repealed by Laws 2003, c. 347, § 53, eff. July 1, 2004.

NOTE: Prior to repeal, this section was amended to read as follows:

(a) Upon a showing by the Administrator that a person has violated or is about to violate the Oklahoma Securities Act, except under the provisions of Section 202.1 or 305.2 of this title, or a rule or order of the Administrator under the Oklahoma Securities Act or that a person has engaged or is about to engage in dishonest or unethical practices in the securities business, the Administrator, prior to, concurrently with, or subsequent to an administrative proceeding, may bring an action in the district court of Oklahoma County or the district court of any other county where service can be obtained on one or more of the defendants and the district court may grant or impose one or more of the following appropriate legal or equitable remedies:

(1) Upon a showing of a violation of the Oklahoma Securities Act or a rule or order of the Administrator under the Oklahoma Securities Act or conduct involving dishonest or unethical practices in the securities business:

(i)a temporary restraining order, permanent or temporary prohibitory or mandatory injunction, or a writ of prohibition or mandamus;

(ii)a civil penalty up to a maximum of Five Thousand Dollars ($5,000.00) for a single violation or of Fifty Thousand Dollars ($50,000.00) for multiple violations in a single proceeding or a series of related proceedings;

(iii)a declaratory judgment;

(iv)restitution to investors;

(v)an asset freeze, accounting, writ of attachment, writ of general or specific execution, and the appointment of a receiver or conservator for the defendant or the defendant's assets; and

(vi)other relief the court deems just.

(2) Upon a showing that the defendant is about to violate the Oklahoma Securities Act or a rule or order of the Administrator under the Oklahoma Securities Act or that the defendant is about to engage in dishonest or unethical practices in the securities business only:

(i)a temporary restraining order; or

(ii)a temporary or permanent injunction; or

(iii)a writ of prohibition or mandamus.

(b) In determining the appropriate relief under subsection (a) of this section, the court shall consider any enforcement actions taken and/or sanctions that may have been imposed by the Administrator under Section 406 of this title in connection with the subject transactions.

(c) The Administrator shall not be required to post a bond in an action under this section.

(d) Upon a showing by the securities agency or administrator of another state that a person has violated the securities act of that state or a rule or order of the securities agency or administrator of that state, the court, in addition to any other legal or equitable remedies, may impose one or more of the following remedies:

(1) appointment of a receiver, conservator, or ancillary receiver or conservator for the defendant or the defendant's assets located in this state; and

(2) other relief the court considers just.

(e) No costs shall be assessed for or against the Administrator in any proceeding under the Oklahoma Securities Act brought by or against it in any court except as otherwise provided by law.

Added by Laws 1987, c. 145, § 2, eff. Nov. 1, 1987. Amended by Laws 1990, c. 71, § 4, eff. Sept. 1, 1990; Laws 1997, c. 279, § 17, eff. July 1, 1997; Laws 2003, c. 493, § 7, eff. Nov. 1, 2003.