In the coming months, we may see a new category of Scranton fraud charges emerge.
This past September, Senator Arlen Specter (D-PA) introduced a bill - S.
1551, The Liability for Aiding and Abetting Securities Violations Act
of 2009 - that amends the Securities Exchange Act of 1934 to make third
parties to securities fraud lawsuits responsible to investors.
Under current legislation, in many cases, securities firms can claim that
they are not responsible for fraudulently misleading investors because
third parties make the actual investments. Third parties man claim they
are not responsible to investors because they never communicate directly
with those investors. In effect, no one is responsible to investors, even
when investors have been deliberately misled. Specter's bill would
change that, closing the loophole to give investors more power and control.
You can track the
bill's progress here.
If you are facing Scranton fraud charges, then you need a
Scranton criminal defense attorney experienced with defending against Scranton
white collar crime charges and against federal white collar crime charges. An effective
Scranton criminal defense lawyer can help to navigate the criminal justice system in a way that protects
your rights and your freedoms.
For help with your Scranton fraud charges, contact Rogan Law today.