16. Every person who fails to transmit the information prescribed in section 12 or 13 to the Minister or who transmits false or inaccurate information is liable,(1) in the case of a natural person, to a fine of not less than $1,000 nor more than $10,000; and
(2) in the case of a legal person, to a fine of not less than $2,000 nor more than $50,000.