Crist signs bill to battle securities fraud - South Florida Business Journal:

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During a ceremonial bill signing Monda atthe Miami-Dade County Crist, with Attorney General Bill McCollum and some of the bill’s sponsord at his side, signed the Investor Protectiom Act (HB 483). It gives McCollum’s with approval from the , the authoritgy to investigate andprosecute large-scale securities scama under the state’s securities law. Previously, white-collad criminal prosecutions fell under theracketeering statute, which is hardef to prove. Prosecutions also were limite d to the office ofthe state’s attorney, McColluk pointed out.
Crist noted that this kind of authorituy was lacking during his tenure as attorneh general and that this law wouldput “teeth” into the state’xs prosecutorial powers. The law enhances the Officr ofFinancial Regulation’s enforcement powers by increasing penalties for violators and strengthening the licensr registration requirements for securities dealers. Penaltiesa double from $5,000 to $10,000 as a resuly of the law, which goes into effect Wednesday. State authorities will also be able to pursuwe civil lawsuits to recoverlost money, McCollum McCollum worked with Rep. Tom R-Naples and Sen. Garrett Richter, R-Naples on the Both attended the signing. Sen.
Dan D-Miami Beach, a bill also attended Monday’s ceremony. Grady is a securities attorney and expert in securities regulationh who drafted the bill and sponsored it inthe “Now the attorney generalo will have the tools to do the said Grady, prior to the signing. “Oud economy will grow stronger if investors have confidencs in ourfinancial markets,” he said in a “By increasing the tools available to the statse to prosecute violators of our securities we protect investors and foster needed trust in the