Senate Bill sb1630c1

CODING: Words stricken are deletions; words underlined are additions.
    Florida Senate - 2003                           CS for SB 1630

    By the Committee on Criminal Justice; and Senators Fasano and
    Argenziano




    307-2196-03

  1                      A bill to be entitled

  2         An act relating to securities transactions;

  3         amending s. 517.191, F.S.; authorizing the

  4         Attorney General to enforce certain provisions,

  5         initiate certain actions, and bring civil

  6         actions to recover civil penalties, costs, and

  7         attorney's fees; amending s. 517.221, F.S.;

  8         increasing the administrative penalties for

  9         certain violations; amending s. 517.302, F.S.;

10         increasing the criminal penalty for violations

11         of specified sections of ch. 517, F.S.;

12         providing an effective date.

13  

14  Be It Enacted by the Legislature of the State of Florida:

15  

16         Section 1.  Subsection (4) is added to section 517.191,

17  Florida Statutes, to read:

18         517.191  Injunction to restrain violations; Attorney

19  General enforcement.--

20         (4)  In addition to all other means provided by law for

21  the enforcement of any of the provisions of this chapter, when

22  it shall appear to the Attorney General, either upon complaint

23  or otherwise, that a person has engaged or is engaged in any

24  act or practice constituting a violation of s. 517.275, s.

25  517.301, s. 517.311 or s. 517.312, or any rule or order

26  thereunder, the Attorney General may conduct an investigation

27  in the same manner as provided under ss. 517.201 and 517.2015;

28  and whenever the Attorney General determines from evidence

29  satisfactory to the Attorney General that any such person has

30  engaged or is engaged in any act or practice constituting a

31  violation of s. 517.275, s. 517.301, s. 517.311 or s. 517.312,

                                  1

CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 2003                           CS for SB 1630
    307-2196-03




 1  or any rule or order thereunder, the Attorney General may

 2  bring an action against such person, and any other person

 3  concerned in or in any way participating in such act or

 4  practice or engaging therein or doing any act or acts in

 5  furtherance thereof, to obtain injunctive relief and

 6  restitution as provided in subsections (1), (2), and (3) and

 7  to recover from each person a civil penalty of not more than

 8  $10,000 for each such violation, plus the costs of such

 9  action, including reasonable attorney's fees.

10         Section 2.  Subsection (3) of section 517.221, Florida

11  Statutes, is amended to read:

12         517.221  Cease and desist orders.--

13         (3)  The department may impose and collect an

14  administrative fine against any person found to have violated

15  any provision of this chapter, any rule or order promulgated

16  by the department, or any written agreement entered into with

17  the department in an amount not to exceed $10,000 $5,000 for

18  each such violation. All fines collected hereunder shall be

19  deposited as received in the Anti-Fraud Trust Fund.

20         Section 3.  Subsection (1) of section 517.302, Florida

21  Statutes, is amended to read:

22         517.302  Criminal penalties; alternative fine;

23  Anti-Fraud Trust Fund; time limitation for criminal

24  prosecution.--

25         (1)(a)  Except as provided in paragraph (b), whoever

26  violates any of the provisions of this chapter commits is

27  guilty of a felony of the third degree, punishable as provided

28  in s. 775.082, s. 775.083, or s. 775.084.

29         (b)  Whoever violates any of the provisions of s.

30  517.275, s. 517.301, or s. 517.311 commits a felony of the

31  

                                  2

CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 2003                           CS for SB 1630
    307-2196-03




 1  second degree, punishable as provided in s. 775.082, s.

 2  775.083, or s. 775.084.

 3         Section 4.  This act shall take effect July 1, 2003.

 4  

 5          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
 6                         Senate Bill 1630

 7                                 

 8  -    Deletes increased penalty from 1st degree felony to life
         felony for certain crimes involving 5 or more victims and
 9       more than $50,000 total damages.

10  -    Deletes expansion of use of funds in the Anti-Fraud Trust
         Fund to include victim's restitution.
11  
    -    Provides specific authority for the Attorney General to
12       investigate violations of ss. 517.275, 517.301, 517.311,
         and 517.312, F.S., and to bring civil action for
13       injunctive relief, restitution, and civil penalties not
         to exceed $10,000 per violation.
14  
    -    Increases the maximum administrative fine for violation
15       of securities transactions law to $10,000 from $5,000.

16  

17  

18  

19  

20  

21  

22  

23  

24  

25  

26  

27  

28  

29  

30  

31  

                                  3

CODING: Words stricken are deletions; words underlined are additions.