Fabio
76b8ec33a7
Ingested titles 12–51 and 54 from OLRC USLM XML @119-100 (the whole Code now, uniform edition; Title 53 is reserved/empty). LegalText 11,221 -> 59,740; repo total 105,704 records. Deterministic (byte-identical rerun, verified on Title 42's 8,356 sections); make check green. make legal-us-code default now covers every title. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
58 lines
3.6 KiB
Markdown
58 lines
3.6 KiB
Markdown
---
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type: "LegalText"
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title: "15 U.S.C. § 687f"
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description: "Unlawful acts and omissions by officers, directors, employees, or agents"
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jurisdiction: "us"
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corpus: "united_states_code"
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kind: "code_section"
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title_number: 15
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title_name: "COMMERCE AND TRADE"
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chapter_number: "14B"
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chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
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section: "687f"
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citation: "15 U.S.C. § 687f"
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status: "current"
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release_point: "119-100"
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release_date: "2026-06-26"
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source: "official"
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source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
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source_identifier: "/us/usc/t15/s687f"
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source_file: "data/legal/raw/us/code/title-15/usc15.xml"
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source_hash: "abdae93a6d9ee8f38a0cc12751c15fdfcc710f10ca69d1ade10cc877bd54a834"
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raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
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text_hash: "0c9c7a8017a2266ac3dba351ca9088df7dae6ef311f5d3b903ff5a06911d04cb"
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retrieved_at: "2026-07-04"
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confidence: "official"
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tags: ["legal", "us-code"]
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---
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# 15 U.S.C. § 687f - Unlawful acts and omissions by officers, directors, employees, or agents
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## Text
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(a) Violation by licensee deemed violation by persons participating Wherever a licensee violates any provision of this chapter or regulation issued thereunder by reason of its failure to comply with the terms thereof or by reason of its engaging in any act or practice which constitutes or will constitute a violation thereof, such violation shall be deemed to be also a violation and an unlawful act on the part of any person who, directly or indirectly, authorizes, orders, participates in, or causes, brings about, counsels, aids, or abets in the commission of any acts, practices, or transactions which constitute or will constitute, in whole or in part, such violation.
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(b) Breach of fiduciary duty It shall be unlawful for any officer, director, employee, agent, or other participant in the management or conduct of the affairs of a licensee to engage in any act or practice, or to omit any act, in breach of his fiduciary duty as such officer, director, employee, agent, or participant, if, as a result thereof, the licensee has suffered or is in imminent danger of suffering financial loss or other damage.
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(c) Disqualification of officers and employees for dishonesty, fraud, or breach of trust Except with the written consent of the Administration, it shall be unlawful—
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(1) for any person hereafter to take office as an officer, director, or employee of a licensee, or to become an agent or participant in the conduct of the affairs or management of a licensee, if—
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(A) he has been convicted of a felony, or any other criminal offense involving dishonesty or breach of trust, or
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(B) he has been found civilly liable in damages, or has been permanently or temporarily enjoined by an order, judgment, or decree of a court of competent jurisdiction, by reason of any act or practice involving fraud or breach of trust; or
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(2) for any person to continue to serve in any of the above-described capacities, if—
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(A) he is hereafter convicted of a felony, or any other criminal offense involving dishonesty or breach of trust, or
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(B) he is hereafter found civilly liable in damages, or is permanently or temporarily enjoined by an order, judgment, or decree of a court of competent jurisdiction, by reason of any act or practice involving fraud or breach of trust.
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(Pub. L. 85–699, title III, § 314, as added Pub. L. 89–779, § 7, Nov. 6, 1966, 80 Stat. 1363.)
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## Notes
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Editorial Notes
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References in TextFor definition of “this chapter”, referred to in subsec. (a), see References in Text note set out under section 661 of this title.
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