Crist signs bill to battle securities fraud - Atlanta Business Chronicle:

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During a ceremonial bill signing Monday atthe Miami-Dad County Courthouse, Crist, with Attorne General Bill McCollum and some of the bill’sa sponsors at his side, signed the Investor Protectionb Act (HB 483). It gives McCollum’sz office, with approval from the , the authority to investigate andprosecutse large-scale securities scams undef the state’s securities law. white-collar criminal prosecutions fell under the racketeering which is harder to Prosecutions also were limitedr to the office ofthe state’s attorney, McCollumk pointed out.
Crist noted that this kind of authorit y was lacking during his tenure as attorney general and that this law wouldput “teeth” into the state’ prosecutorial powers. The law enhances the Officre ofFinancial Regulation’s enforcement powers by increasin g penalties for violators and strengthening the licensse registration requirements for securities dealers. Penalties double from $5,00o to $10,000 as a result of the law, whicbh goes into effect State authorities will also be able to pursuew civil lawsuits to recover lost McCollum said. McCollum workef with Rep. Tom Grady, R-Naples and Sen. Garretrt Richter, R-Naples on the legislation. Both attended the signing. Sen.
Dan D-Miami Beach, a bill sponsor, also attended Monday’ss ceremony. Grady is a securities attorney and expert in securities regulation who drafted the bill and sponsores it inthe House. “Noq the attorney general will have the tools to do the said Grady, prior to the signing. “Oufr economy will grow stronger if investors have confidence in ourfinancial markets,” he said in a “By increasing the toolx available to the state to prosecute violatorw of our securities laws, we protect investor s and foster needed trust in the system.