Crist signs bill to battle securities fraud - Kansas City Business Journal:

http://www.somersetonline.org/scuw/resources/resources.htm
During a ceremonial bill signing Monday atthe Miami-Dad e County Courthouse, Crist, with Attorney General Bill McCollunm and some of the bill’s sponsors at his signed the Investor Protection Act (HB 483). It givew McCollum’s office, with approval from the , the authorityh to investigate andprosecute large-scale securities scams under the state’sa securities law. Previously, white-collar criminal prosecutions fell under theracketeerinv statute, which is harder to prove. Prosecutions also were limited to the office ofthe state’s attorney, McCollum pointed out.
Crist noted that this kind of authority was lackinh during his tenure as attorne y general and that this law woulsdput “teeth” into the state’s prosecutoria powers. The law enhances the Officer ofFinancial Regulation’s enforcement powers by increasinf penalties for violators and strengthening the licensew registration requirements for securities dealers. Penaltied double from $5,000 to $10,0000 as a result of the law, which goes into effectt Wednesday. State authorities will also be able to pursuer civil lawsuits to recoverlost money, McCollum McCollum worked with Rep. Tom Grady, R-Naples and Sen. Garrett R-Naples on the legislation. Both attended the signing. Sen.
Dan D-Miami Beach, a bill sponsor, also attended Monday’ s ceremony. Grady is a securities attorney and expert in securities regulation who drafte d the bill and sponsored it inthe “Now the attorney general will have the tools to do the said Grady, prior to the signing. “Out economy will grow stronger if investorss have confidence in our financial he said ina “By increasing the tools available to the state to prosecute violatoras of our securities laws, we protect investors and fostee needed trust in the system.