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In this case, Jonny Jones, Joan, and Jake will be liable to such fines and even imprisonment for the violation of the Securities Act and the Securities Exchange Act. They do not have reports for their Ethanol manufacturing thus, they contravened the duty to disclose. Johnny also made a misleading statement to his secretary. Class action suits occur whereby so many plaintiffs sue the same defendant over the same subject matter. In this case, a class action suit is likely to arise because the defendants violated so the provisions of the Security Exchange Act, the current company, and the investor who doctored his company documents.