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During a ceremonial bill signinv Monday atthe Miami-Dade County Courthouse, with Attorney General Bill McCollum and some of the bill’as sponsors at his side, signed the Investor Protection Act (HB It gives McCollum’s office, with approval from the , the authoritu to investigate and prosecute large-scal e securities scams under the state’s securities law. white-collar criminal prosecutions fell under theracketeering statute, which is hardedr to prove. Prosecutions also were limited to the office ofthe state’ss attorney, McCollum pointed out.
Crisrt noted that this kind of authorit y was lacking during his tenure as attorney general and that this law woulfdput “teeth” into the state’s prosecutorial The law enhances the Office of Financiall Regulation’s enforcement powers by increasing penalties for violatore and strengthening the license registration requirementzs for securities dealers. Penaltiese double from $5,000 to $10,00o0 as a result of the law, whicb goes into effect Wednesday. State authorities will also be able to pursuw civil lawsuits to recove rlost money, McCollum said. McCollukm worked with Rep. Tom Grady, R-Naplezs and Sen. Garrett Richter, R-Naples on the Both attended the signing. Sen.
Dan Gelber, D-Miami a bill sponsor, also attended Monday’sw ceremony. Grady is a securities attorney and experr in securities regulation who drafted the bill and sponsores it inthe House. “Now the attorneyt general will have the tools to do the said Grady, prior to the signing. “Oudr economy will grow stronger if investors have confidence in ourfinancia markets,” he said in a statement.
“Byt increasing the tools available to the state to prosecut violators of oursecurities laws, we protectg investors and foster needed trust in the
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