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Bipartisan effort would double SEC statute of limitations for fraud

Joe Mont | March 15, 2019

Senators Mark Warner (D-Va.) and John Kennedy (R-La.), members of the Senate Banking Committee, have introduced the Securities Fraud Enforcement and Investor Compensation Act, bipartisan legislation that would empower the Securities and Exchange Commission to better seek restitution for investors harmed by securities fraud.

The bill, filed this week, would give the SEC a broader range of tools to seek compensation for investors who’ve lost money to Ponzi schemes and other investment scams. Perhaps most importantly, it would extend the window of time the Commission can pursue a claim on an investor’s behalf from five years to 10.

“As Bernie Madoff demonstrated, financial fraudsters can sometimes go on for years, even decades, before they finally get caught. They shouldn’t be able to rip off investors just because some arbitrary five-year window has expired...

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