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.