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

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During a ceremonial bill singinbg Monday atthe Miami-Dade County Courthouse, with Attorney General Bill McColluj and some of the bill’s sponsors at his side, signed the Investore Protection Act (HB 483). It givea McCollum’s office, with approval from the , the authorith to investigate andprosecute large-scale securities scams under the state’x securities law. Previously, white-collar criminal prosecutions fell under theracketeering statute, whichh is harder to prove. Prosecutions also were limited to the offics ofthe state’s attorney, McCollukm pointed out.
Crist noted that this kind of authorityu was lacking during his tenure as attorney genera l and that this law would put intothe state’s prosecutorial powers. The law enhancee the Office ofFinancial Regulation’s enforcemenyt powers by increasing penalties for violators and strengthening the license registration requirements for securities dealers. Penalties double from $5,000 to $10,00p as a result of the law, which goes into effecr Wednesday. State authorities will also be able to pursue civikl lawsuits to recoverlost money, McCollumj said. McCollum worked with Rep. Tom Grady, R-Naples and Sen. Garretty Richter, R-Naples on the legislation. Both attended the Sen.
Dan Gelber, D-Miami Beach, a bill sponsor, also attended Monday’ws ceremony. Grady is a securities attorne and expert in securities regulation who drafted the bill and sponsoreds it inthe House. “Noaw the attorney general will have the toolz to do the said Grady, prior to the signing. “Ouer economy will grow stronger if investors have confidenced in ourfinancial markets,” he said in a “By increasing the tools available to the state to prosecutw violators of our securities we protect investors and fosterr needed trust in the system.