After an investigation, the Administrator concludes that a person has willfully violated the act and that criminal charges are appropriate. The Administrator may:

a.Refer the evidence to the attorney general or the appropriate prosecuting attorney, who may institute criminal proceedings
b.Impose a prison sentence directly
c.Convene a grand jury without involving prosecutors
d.Do nothing, because criminal violations are exclusively federal

解析

The Administrator may refer the evidence gathered in an investigation to the attorney general or the proper district or prosecuting attorney, who has discretion to bring criminal proceedings in court. The Administrator has no power to sentence anyone or to convene a grand jury. State securities acts create state criminal offenses, so the matter is not exclusively federal.

法律依据: Uniform Securities Act

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