Securities Law Updates | New Proposed Legislation
May 28, 2010
Legislative Amendment Adds Anti-Fraud, Whistleblower Protections to Wall Street Reform Bill
Amendment to Restoring American Financial Stability Act of 2010
Amendment in Senate to S. 3217, 5/4/2010
Leading members of the Senate Judiciary Committee have filed an amendment to the Wall Street reform legislation that will increase law enforcement resources to root out and prosecute financial and securities fraud, and will strengthen protections for whistleblowers who help expose financial fraud. The amendment is sponsored by Senator Patrick Leahy (D-Vt.), the Committee’s chairman, and Senators Chuck Grassley (R-Iowa), Arlen Specter (D-Pa.) and Ted Kaufman (D-Del.).
The amendment will increase sentences for securities fraud and bank fraud. Sentences for these offenders are often shorter than those for other white collar offenders whose crimes result in similar loss amounts, and the…
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