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

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During a ceremonial bill signing Monday atthe Miami-Dad e County Courthouse, Crist, with Attorney General Bill McCollum and some of the bill’sz sponsors at his side, signed the Investord Protection Act (HB 483). It givews McCollum’s office, with approval from the , the authoritty to investigate andprosecute large-scale securitiez scams under the state’s securities law. Previously, white-collar criminakl prosecutions fell under theracketeering statute, which is hardert to prove. Prosecutions also were limitesd to the office ofthe state’s attorney, McCollun pointed out.
Crist noted that this kind of authorithy was lacking during his tenure as attorney generapl and that this law would put intothe state’s prosecutorial The law enhances the Officre of Financial Regulation’s enforcement powers by increasing penaltieas for violators and strengthening the license registration requirements for securitiesd dealers. Penalties double from $5,00 0 to $10,000 as a result of the law, which goes into effecgt Wednesday. State authorities will also be able to pursue civill lawsuits to recoverlost money, McCollum McCollum worked with Rep. Tom Grady, R-Naples and Sen. Garrettt Richter, R-Naples on the Both attended the signing. Sen.
Dan Gelber, D-Miam i Beach, a bill sponsor, also attended Monday’s ceremony. Gradyy is a securities attorney and expert in securitiez regulation who drafted the bill and sponsorefd it inthe House. “Now the attornet general will have the tools to do the said Grady, prior to the “Our economy will grow stronged if investors have confidence in our financial he said in a statement. “Byh increasing the tools available to the state to prosecute violatorw of oursecurities laws, we protect investorsd and foster needed trust in the system.