Section 24Sec./Art. 24

Penalties and Administrative Sanctions. -Any person who violates any of the provisions of this Act, or any person who, in a notice, certification or plan filed under this Act, makes any untruthful statement of a material fact or omits to state any material fact required to be stated herein, shall, upon conviction, suffer a fine of not less than One hundred thousand pesos (P100,000.00) nor more than Two hundred thousand pesos (P200,000.00) or imprisonment of not less than six (6) years nor more than twelve (12) years, or both, at the discretion of the court, without prejudice to the penalties provided under Section 18 hereof, Section 37 of Republic Act No. 7653, as amended, otherwise known as "The New Central Bank Act", and other applicable laws.

If the offender is an alien, he/she shall, in addition to the penalties herein prescribed, be deported without further proceedings after serving the penalties herein prescribed. If the offender is a public official or employee, he/she, in addition to the penalties prescribed herein, suffer absolute or temporary disqualification from government or public office, as the case may be.

If the offender is a juridical person, the Commission may impose the administrative sanctions stated below upon the corporation and/or its officers.

If, after due notice and hearing, the Commission finds that: (a) there is a violation of this Act, its rules, or its orders; or (b) any FISTC or other person has, in a FISTC Plan or in any reports, applications, accounts, records, or documents required by law to be filed with the Commission, made any untrue statement of a material fact, or omitted to state any material fact required to be stated therein or necessary to make the statements therein not misleading, the Commission shall, in its discretion, impose any or all of the following sanctions as may be appropriate in light of the facts and circumstances:

(1) Suspension, or revocation of any approved FISTC Plan for the offering of IUIs;

(2) Fine of no less than Ten thousand pesos (P10,000.00) nor more than One million pesos (P1,000,000.00) plus not more than Two thousand pesos (P2,000.00) for each day of continuing violation, or in such amounts as may be prescribed by the Commission; and

(3) Other penalties within the power of the Commission to impose.

With respect to FIs, the administrative sanctions in the preceding paragraph shall be enforced, without prejudice to the administrative sanctions that may be imposed by the BSP and the Commission which are prescribed under the laws governing the FIs under their respective jurisdictions, and without further prejudice to the penalties as may imposed by t he courts.