Explanatory Statement Form - 1999 Page 2
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Commissions or other remuneration of ______________ per cent and/or totaling
$_____________ were paid to ______________________________________________
in connection with the sale of the securities.
REMEDIES UNDER THE CONNECTICUT UNIFORM SECURITIES ACT
Sec. 36b-29. (Formerly Sec. 36-498). Buyer’s remedies. (a) Any person who: (1)
Offers or sells a security in violation of subsection (a) of section 36b-6, 36b-16 or
subsection (b) of section 36b-24 or of any regulation or order under section 36b-22 which
requires the affirmative approval of sales literature before it is used, or of any condition
imposed under subsection (d) of section 36b-18 or subsection (g) or (h) of section 36b-19;
or (2) offers or sells or materially assists any person who offers or sells a security by
means of any untrue statement of a material fact or any omission to state a material
fact necessary in order to make the statements made, in the light of the circumstances
under which they are made, not misleading, who knew or in the exercise of reasonable
care should have known of the untruth or omission, the buyer not knowing of the
untruth or omission, and who does not sustain the burden of proof that he did not know,
and in the exercise of reasonable care could not have known, of the untruth or omission,
is liable to the person buying the security, who may sue either at law or in equity to
recover the consideration paid for the security, together with interest at eight per cent
per year from the date of payment, costs and reasonable attorneys’ fees, less the amount
of any income received on the security, upon the tender of the security, or for damages if
he no longer owns the security.
(b) (1) Any person who violates subsection (a) of section 36b-5 and (2) any investment
adviser who violates subsection (b) or (c) of section 36b-5, the registration requirement
in subsection (c) of section 36b-6, or subsection (b) of section 36b-24, shall be liable to the
recipient of investment advisory services for any consideration paid by the recipient for
those services and any loss resulting from the investment advisory services provided,
less any profits earned by the recipient through transactions effected as a result of the
advice rendered, plus interest at the rate of eight per cent per year from the date of
payment of the consideration, costs and reasonable attorney’s fees.
(c) Every person who directly or indirectly controls a person liable under subsections (a)
and (b) of this section, every partner, officer or director of such a person, every person
occupying a similar status or performing similar functions, every employee of such a
person who materially aids in the act or transaction
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