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GOVERNOR CRIST SIGNS LEGISLATION TO PROTECT INVESTORS

~~ ~~Expands authority to investigate fraudulent activity~~ ~~

June 29, 2009

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GOVERNOR’S PRESS OFFICE
(850) 488-5394

MIAMI – Governor Charlie Crist today signed legislation designed to strengthen Florida’s investor protection laws. House Bill 483, signed alongside Attorney General Bill McCollum at the Miami-Dade Civil Court, broadens the state’s ability to pursue securities fraud and enhances registration requirements for investment advisors, dealers and other personnel.

“Investors play a critical role in the success of Florida’s economy, and this legislation helps ensure their hard-earned money is protected,” said Governor Crist. “I am committed to maintaining the integrity of our markets. Enhancing protection measures and oversight is the best way to crack down on fraudulent activity and increase consumer confidence.”

House Bill 483 authorizes the Attorney General, with permission from the Office of Financial Regulation, to investigate and bring criminal penalties against anyone committing fraud under the Florida Securities and Investor Protection Act. The legislation also strengthens financial registration requirements by authorizing the Office of Financial Regulation to require fingerprints as part of the registration process. In addition, the Office of Financial Regulation will have the authority to suspend the registration of a dealer, investment advisor, branch office or associated person if a registrant fails to provide requested records.

“We need every resource and every option available to protect our citizens from another Bernie Madoff-type scheme,” said Attorney General McCollum. “I appreciate the Governor’s action on this bill and look forward to putting these new tools to work on behalf of our citizens.”

Sponsored by Senator Garrett Richter and Representative Tom Grady, House Bill 483 allows the Office of Financial Regulation to seek civil penalties against anyone who violates a provision of the Florida Securities and Investor Protection Act. The legislation also enables the Florida Department Law Enforcement to pay rewards for original information in money laundering investigations. Prior to this legislation, the Office of Financial Regulation was primarily responsible for the enforcement of the Florida Securities and Investor Protect Act.