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

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During a ceremonial bill signinvg Monday atthe Miami-Dade County Crist, with Attorney General Bill McCollum and some of the bill’es sponsors at his side, signeds the Investor Protection Act (HB 483). It gives McCollum’s office, with approval from the , the authority to investigater andprosecute large-scale securities scams under the state’s securities law. Previously, white-collar criminaol prosecutions fell under theracketeering statute, which is harder to prove. Prosecutions also were limited to the officde ofthe state’s attorney, McCollum pointed out.
Crist notedr that this kind of authority was lacking durinh his tenure as attorney general and that this law woulxdput “teeth” into the state’s prosecutorial powers. The law enhancesw the Office ofFinancial Regulation’s enforcement powers by increasiny penalties for violators and strengthening the license registration requirements for securitiesz dealers. Penalties double from $5,000 to $10,000 as a result of the law, whic goes into effect Wednesday. State authorities will also be able to pursu e 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 Gelber, D-Miamo Beach, a bill sponsor, also attended Monday’s ceremony. Gradyh is a securities attorney and experft in securities regulation who drafted the bill and sponsoresd it inthe House. “Now the attorneyy general will have the tools to do the said Grady, prior to the signing. “Out economy will grow stronger if investorsa have confidence in ourfinancial markets,” he said in a statement.
“Byg increasing the tools available to the state to prosecutee violators of oursecurities laws, we protect investors and foster needed trust in the