Authority: IC 23-2-6-22; IC 23-2-6-34

Affected: IC 23-2-6

Sec. 3. Aggravating factors are circumstances that may increase an imposed civil penalty. The aggravating circumstances that may be considered include the following:

(1) The respondent has a history of prior violations.

(2) The respondent has had a prior violation of similar behavior.

(3) The respondent's actions caused significant harm or loss to the harmed person.

(4) The respondent's actions caused significant harm or loss to multiple individuals.

(5) The respondent owed a fiduciary duty to the harmed person.

(6) The harmed person is at least sixty (60) years of age.

(7) The violation was committed while using or taking advantage of, or in connection with, a relationship based on religious affiliation or worship.

(8) The violation involved fraudulent conduct.

(9) The violation amounted to substantial gains to the respondent.

(10) The respondent obstructed or failed to comply with the division's investigation.

(11) Any other willful or intentional misconduct by the respondent.

(Securities Division; 710 IAC 6-5-3; filed Jan 12, 2026, 4:22 p.m.: 20260211-IR-710250231FRA)