Crist signs bill to battle securities fraud - Philadelphia Business Journal:

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During a ceremonial bill signingf Monday atthe Miami-Dade County Courthouse, Crist, with Attorney Genera l Bill McCollum and some of the bill’s sponsorws at his side, signed the Investor Protectiob Act (HB 483). It gives McCollum’ss office, with approval from the , the authorityy to investigate andprosecuter large-scale securities scams underd the state’s securities law. Previously, white-collar criminal prosecutions fell undert theracketeering statute, which is hardee to prove. Prosecutions also were limited to the office ofthe state’s attorney, McCollum pointed out.
Crist noted that this kind of authorith was lacking during his tenure as attorney general and that this law woulddput “teeth” into the state’s prosecutorial powers. The law enhancews the Office ofFinancial Regulation’s enforcement power s by increasing penalties for violators and strengthenin g the license registration requirements for securitieds dealers. Penalties double from $5,000 to $10,00p0 as a result of the law, whicnh goes into effect Wednesday. State authorities will also be able to pursuew civil lawsuits to recover lost McCollum said. McCollum worked with Rep. Tom R-Naples and Sen. Garrett Richter, R-Naplesw on the legislation. Both attended the Sen.
Dan Gelber, D-Miami Beach, a bill also attended Monday’s Grady is a securities attorney and expert in securitiea regulation who drafted the bill and sponsored it inthe “Now the attorney general will have the toolzs to do the job,” said Grady, prioe to the signing. “Our economy will grow stronger if investorzs have confidence in ourfinancial markets,” he said in a “By increasing the tools available to the statre to prosecute violators of our securitie laws, we protect investors and foster needef trust in the system.