Amends the Employee Retirement Security Act of 1974 to increase criminal penalties for violations of such Act.
Directs the United States Sentencing Commission to review the Federal sentencing guidelines and related policy statements to: (1) ensure that they reflect the serious nature of the offenses and penalties set forth in this Act, the growing incidence of serious fraud offenses, and the need to deter, prevent, and punish such offenses; and (2) consider whether a specific offense characteristic should be added in order to provide stronger penalties for fraud committed by a corporate officer or director.
Requires that each periodic report containing financial statements filed by an issuer with the Securities Exchange Commission be accompanied by a written statement by the chairman of the board, chief executive officer, and chief financial officer certifying: (1) the appropriateness of the financial statements and disclosures; and (2) that those financial statements and disclosures fairly present the operations and financial condition of the user.
Sets penalties of: (1) up to $500,000 and five years imprisonment for recklessly and knowingly violating this Act; and (2) up to $1,000,000 and ten years imprisonment for willfully violating this Act.