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In wake of Enron scandal, Missouri House passes bill to protect investors

April 17, 2003
By: Nishi Gupta
State Capital Bureau

The House passed a bill today that protects investors and punishes those that sell bogus investments.

Nishi Gupta has the story.

The bill, known as Securities Reform, comes in response to last year's Enron scandal. The bill would fine violators up to one million dollars for selling phony investments. It would also allow state courts to tell fraudulent dealers to turn over any profits and pay their victims back. Bill sponsor and Kirkwood area Representative Richard Byrd says restoring investor confidence is what matters.

Actuality:BYRDG1.wav
RunTime: 15
OutCue: "they're buying."
Contents: "They are investing their hard-earned dollars. Now they will know what the real risk is with those investors. They won't be mislead. They won't have their money stolen. They will really know what it is they're buying."

If the bill is approved by the governor, Missouri would have the first law of its kind in the nation.

From Jefferson City, Nishi Gupta, KMOX News.