Crist signs bill to battle securities fraud - Atlanta Business Chronicle:

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During a ceremonial bill signingf Monday atthe Miami-Dade Countyt Courthouse, Crist, with Attorney General Bill McCollumk and some of the bill’d sponsors at his side, signed the Investor Protection Act (HB 483). It gives McCollum’s office, with approva l from the , the authorituy to investigate andprosecute large-scale securities scams under the state’s securities law. Previously, white-colladr criminal prosecutions fell under theracketeerinb statute, which is harder to prove. Prosecutione also were limited to the office ofthe state’as attorney, McCollum pointed out.
Crist notexd that this kind of authority was lacking durinbg his tenure as attorney general and that this law woulfput “teeth” into the state’s prosecutorial powers. The law enhances the Offics ofFinancial Regulation’s enforcement powers by increasinh penalties for violators and strengthening the license registration requirementa for securities dealers. Penalties double from $5,000 to $10,000 as a resulty of the law, which goes into effect Wednesday. Stat e authorities will also be able to pursue civil lawsuite to recoverlost money, McCollukm said. McCollum worked with Rep. Tom Grady, R-Naplex and Sen. Garrett Richter, R-Naplea on the legislation.
Both attended the signing. Sen. Dan Gelber, D-Miami a bill sponsor, also attended Monday’s Grady is a securities attorney and experg in securities regulation who drafted the bill and sponsored it inthe “Now the attorney general will have the tool s to do the job,” said prior to the signing. “Our economy will grow strongert if investors have confidence in ourfinancial markets,” he said in a statement. “By increasingy the tools available to the state to prosecutw violators of oursecurities laws, we protect investorw and foster needed trust in the system.