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I can't think of any way it would be in violation of any criminal statutes. The only issue that might come up would be if the contract you signed with them contains an assurance from you that it won't be used for any purposes other than your own. If it did contain that then there is a possibility an argument could be made that it is fraud to rent your account out. I don't think it would be a very strong argument or one that a DA would be likely to pursue but it is a possibility.
As to whether they could cancel your service, that would depend on your contract with them but every Verizon contract I've ever seen has a section that allows them to terminate service basically at their discretion so the chances are about 95%+ that your contract has the same language and so they would be able to cancel your service if they found out what you were doing.
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The best I can tell you is that Section 10 would be an issue.