1 / 12

VICTIM SPECIFIC REMEDIES

VICTIM SPECIFIC REMEDIES. What Can We Do As State Prosecutors?. UNIFORM SECURITIES ACT. National Conference of Commissioners on Uniform State Laws Last revised in 2002 http://www.nccusl.org/Update/ http://www.law.upenn.edu/bll/archives/ulc/securities/2002final.htm. Georgia Hawaii Idaho

kelton
Télécharger la présentation

VICTIM SPECIFIC REMEDIES

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. VICTIM SPECIFIC REMEDIES What Can We Do As State Prosecutors?

  2. UNIFORM SECURITIES ACT • National Conference of Commissioners on Uniform State Laws • Last revised in 2002 • http://www.nccusl.org/Update/ • http://www.law.upenn.edu/bll/archives/ulc/securities/2002final.htm

  3. Georgia Hawaii Idaho Indiana Iowa Kansas Maine Michigan Minnesota Mississippi Missouri New Mexico Oklahoma South Carolina South Dakota U.S. Virgin Islands Vermont Wisconsin JURISDICTIONS THAT HAVE ADOPTED THE 2002 USA

  4. WHAT REMEDIES EXIST UNDER THE 2002 USA? • Private causes of action (§ 509) • Criminal remedies (§ 508) • Administrative remedies (§ 604) • Civil remedies (§ 603)

  5. ENFORCEMENT STEPS • Open an investigation (§ 602(a)(1)) or conduct an audit or inspection (§ 411(d)) • Gather evidence (§ 602(b) or § 411(d)) • Make a determination (§ 603(a) or § 604(a)) • If necessary, take appropriate action (§ 603(b) or § 604(a)(1), (2), (3))

  6. MAKING A DETERMINATION – CIVIL & ADMINISTRATIVE • Pursuant to § 603(a) & 604(a)(1), determine whether: • a person has engaged, is engaging, or is about to engage in an act, practice, or course of business that violates the Act; or • a person has materially aided, is materially aiding, or is about to materially aid an act, practice, or course of business that violates the Act.

  7. ADMINISTRATIVE ACTIONS • Issue a cease and desist order (§ 604(a)(1)) • Issue an order denying, suspending, revoking, or conditioning exemptions for a BD or IA (§ 604(a)(2)) • Issue an order denying, suspending, conditioning, limiting, or revoking an exemption for a security (§ 604(a)(3))

  8. WHAT REMEDIES IN ADMINISTRATIVE ACTIONS? • Order (final by operation of law or after a hearing) • Civil penalty (§ 604(b), limited by § 604(d)) • Costs of the investigation (§ 604(b), authorized by § 604(e))

  9. CIVIL ACTIONS • File an action in state court to: • Enjoin the act, practice, or course of business and • Enforce compliance w/ the Act

  10. WHAT STATE COURT? • South Carolina – Richland County Court of Common Pleas (§ 35-1-603(a)) • Vermont – Superior Court of Washington County (9 V.S.A. § 5603(a)) • Oklahoma – District Court of Oklahoma County or the district court of any other county where service can be obtained (§ 1-603). • Maine – Superior Court of the county in which the person resides/has principal place of business or Superior Court of Kennebec County (§ 16603(1)) • Kansas – any court of competent jurisdiction (§ 17-12a603(a))

  11. WHAT REMEDIES IN CIVIL ACTIONS? (§ 603(b)) • Injunction • Asset freeze • Receiver • Civil penalty • Rescission, restitution, or disgorgement • Pre-judgment or post-judgment interest • Other appropriate relief

  12. CIVIL VS. ADMIN. ACTION - FACTORS TO CONSIDER • Who do you want hearing your case? • What type of discovery is desired? • Costs of litigation • What is your goal? • Seriousness of violations • Injunction, refer criminally, and move on • Needs of victims

More Related