; and (II) such violation directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons. (ii) Maximum amount of penalty The amount referred to in clause (i) is the greatest of— (I) $300,000 for a natural person or $1,450,000 for any other person; (II) 3 times the gross amount of pecuniary gain to such defendant as a result of the violation; or (III) the amount of losses incurred by victims as a result of the violation. . (2) Securities Exchange Act of 1934 (A) Money penalties in civil actions Section 21(d)(3)(B) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78u(d)(3)(B) ) is amended— (i) in clause (i)— (I) by striking $5,000 and inserting $10,000 ; and (II) by striking $50,000 and inserting $100,000 ; (ii) in clause (ii)— (I) by striking $50,000 and inserting $100,000 ; and (II) by striking $250,000 and inserting $500,000 ; and (iii) by striking clause (iii) and inserting the following: (iii) Third tier (I) In general Notwithstanding clauses (i) and (ii), the amount of penalty for each such violation shall not exceed the amount specified in subclause (II) if— (aa) the violation described in subparagraph (A) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement; and (bb) such violation directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons. (II) Maximum amount of penalty The amount referred to in subclause (I) is the greatest of— (aa) $300,000 for a natural person or $1,450,000 for any other person; (bb) 3 times the gross amount of pecuniary gain to such defendant as a result of the violation; or (cc) the amount of losses incurred by victims as a result of the violation. . (B) Money penalties in administrative actions Section 21B(b) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78u–2(b) ) is amended— (i) in paragraph (1)— (I) by striking $5,000 and inserting $10,000 ; and (II) by striking $50,000 and inserting $100,000