Which of the following is true of Section 24 of the Securities Act of 1933?
A. It imposes civil liability on any person who violates Section 5 of the act.
B. It imposes criminal liability on any person who willfully violates either the act or the rules and regulations adopted thereunder.
C. It imposes civil liability on a person who intentionally defrauds investors by making a misrepresentation of a material fact in a registration statement.
D. It exclusively regulates the sale of securities online.
Answer: B
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