Justice for Victims of Corporate Fraud Act

Fact Sheet API

Bill Number

HR 5496

Introduced

Sep 26, 2002

Latest Action

Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.

Sponsor

Cosponsors

Topics

Accounting Accounting and auditing Affiliated corporations Auditing and auditors Campaign funds Collection of accounts Commerce Compensation (Law) Corporate collapse Corporate governance Corporation directors Corporations Economics and Public Finance Employee ownership Employee pensions Executives Finance and Financial Sector Fines (Penalties) Gifts Government Operations and Politics Government trust funds Labor and Employment Law Pension funds Securities fraud Securities regulation Stockholders Subsidiary corporations

Full Text

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Votes

Summary

Justice for Victims of Corporate Fraud Act - Directs the Securities Exchange Commission to establish an allocation system for any disgorgement fund that has been established pursuant to an order for an accounting and disgorgement of funds, and which is designated for victims of securities laws violations committed by either a corporation or its auditing firm.

Grants first priority to former employees of the corporation who participated in an individual account plan established by such corporation.

Declares that civil penalties collected in the SEC enforcement proceeding shall be added to the disgorgement fund. Amends the Federal Election Campaign Act of 1971 to permit transfer of certain Federal campaign contributions into the disgorgement fund as well.

Actions

Oct 7, 2002

Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
Sep 26, 2002

Referred to the Committee on Financial Services, and in addition to the Committee on House Administration, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Sep 26, 2002

Introduced in House

Amendments

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