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(a) A person that willfully violates this act, or a rule adopted or order issued under this act, except Section 409.5-504 or the notice filing requirements of section 409.3-302 or 409.4-405, or that willfully violates section 409.5-505 knowing the statement made to be false or misleading in a material respect, upon conviction, shall be fined not more than one million dollars or imprisoned not more than ten years, or both. An individual convicted of violating a rule or order under this act may be fined, but may not be imprisoned, if the individual did not have knowledge of the rule or order.
(b) The attorney general or the proper prosecuting attorney with or without a reference from the commissioner may institute criminal proceedings under this act.
(c) This act does not limit the power of this state to punish a person for conduct that constitutes a crime under other laws of this state.