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House passes bill that punishes individuals who deal in fraudulent investment scams

April 17, 2003
By: Nishi Gupta
State Capital Bureau

In the wake of last year's Enron scandal, the House passed a bill that protects people from phony investment dealers.

Nishi Gupta reports.

Under the bill, state courts would have the authority to tell violators to pay back any profit they made from bogus investment deals. Violators could also be fined up to one million dollars for fraudulent investment sales. Bill sponsor and Kirkwood area Representative, Richard Byrd, says this bill will do a lot for investor confidence.

Actuality:BYRDG2.wav
RunTime: 8
OutCue: "sense of security."
Contents: "We will be able to enforce these consumer protections and we will able to provide them with a real sense of security."

The bill awaits Governor Bob Holden's approval. If he grants it, Missouri would be the first state to have securities reform legislation.

From Jefferson City, Nishi Gupta, KMOX News.