{"data":{"id":"us-ky/krs-304.6-030","jurisdiction":"us-ky","citation":"KRS 304.6-030","heading":"Use of \"wash\" transactions -- Penalty.","body":"(1) Any member, officer, director, employee, or attorney in fact of any company,\nassociation, or exchange licensed to do an insurance business in this state, who on\nbehalf of such company, association, or exchange, borrows, rents, hires, leases, or\notherwise e ngages the use of stocks, bonds, debentures, notes, investment\ncertificates, securities, or other obligations or evidences of indebtedness owned or\nissued by any other corporation, company, association, or individual, or of any\ngovernment, political subdivision, or agency thereof, with intent to injure or defraud\nany other company, body politic, or corporation, or person, or to deceive the\ncommissioner or other person legally authorized to examine the affairs of any such\ncompany, association, or exchange, is guilty of a Class D felony.\n(2) Any individual that aids and abets such insurance company, association, or\nexchange in borrowing, renting, hiring, leasing, or engaging the use of such stocks,\nbonds, debentures, notes, investment certificates, securities,  or other obligations or\nevidences of indebtedness, is guilty of a Class D felony.\n(3) If any insurance company, association, or exchange is found in possession of stocks,\nbonds, debentures, notes, investment certificates, securities, or other obligations or\nevidences of indebtedness acquired in violation of subsection (1) of this section, or\nif any of its officers, directors, members, or attorneys in fact have been convicted\nunder subsection (1) of this section, the company, association, or exchange may be\nsubject to suspension of its certificate of authority by the commissioner. Nothing in\nthis section shall be construed to prevent the commissioner from commencing\ndelinquency proceedings under this code.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=16773","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:38Z","sha256":"3dbf6753683b3b42aba7378c9bfd839e9702d34e1fb483d93f0063030fbadc4c","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.6-020","next":"us-ky/krs-304.6-040"},"notice":"GroundRules: Original legal text. Not legal advice."}