Section 7
SEC. 7. False statements.-Any person who shall knowingly make or file, or cause to be made or filed with said Treasurer of the Philippine Islands any statement, document, circular, advertisement or prospectus required by this Act or by the said Treasurer to be made or filed which is false in any material respect or manner; or who shall offer for sale or sell any of the securities by this Act prohibited without the certificate or license herein provided, shall be punished by fine of not more than ten thousand pesos or by imprisonment for not more than five years or by both such fine and imprisonment.