It shall be unlawful for any person willfully to make any untrue statement of a material fact in any registration application or report filed with the Commission under section 80b–3 or 80b–4 of this title, or willfully to omit to state in any such application or report any material fact which is required to be stated therein.
15 U.S. Code § 80b–7. Material misstatements
(Aug. 22, 1940, ch. 686, title II, § 207, 54 Stat. 853.)