PRINTER'S NO. 1809
No. 1345 Session of 2002
INTRODUCED BY KASUNIC, MELLOW, O'PAKE, WAGNER, MUSTO, FUMO, STOUT, BODACK, BOSCOLA, COSTA, HUGHES, KITCHEN, KUKOVICH, LAVALLE, LOGAN, SCHWARTZ, STACK, TARTAGLIONE, A. WILLIAMS, C. WILLIAMS AND WOZNIAK, MARCH 19, 2002
REFERRED TO BANKING AND INSURANCE, MARCH 19, 2002
AN ACT 1 Amending the act of December 5, 1972 (P.L.1280, No.284), 2 entitled "An act relating to securities; prohibiting 3 fraudulent practices in relation thereto; requiring the 4 registration of broker-dealers, agents, investment advisers, 5 and securities; and making uniform the law with reference 6 thereto," further providing for criminal penalties. 7 The General Assembly of the Commonwealth of Pennsylvania 8 hereby enacts as follows: 9 Section 1. Section 511 of the act of December 5, 1972 10 (P.L.1280, No.284), known as the Pennsylvania Securities Act of 11 1972, amended November 24, 1998 (P.L.829, No.109), is amended to 12 read: 13 Section 511. Criminal Penalties.--(a) Except as provided in 14 subsection (b), a person who wilfully violates any material 15 provision of this act, except section 407(a), or any rule under 16 this act, or any order of which he has notice, or who violates 17 section 407(a) knowing that the statement made was false or 18 misleading in any material respect, commits a misdemeanor of the 19 first degree and may be fined not more than five thousand
1 dollars ($5,000) or imprisoned not more than five years, or 2 both. In addition to fine or imprisonment, or both, a person may 3 be sentenced to make restitution. 4 (b) A person who wilfully violates section 401, 408 or 409 5 commits a felony of the [third] second degree and may be fined 6 not more than [ten thousand dollars ($10,000)] twenty thousand 7 dollars ($20,000) if none of the victims of the person's 8 violative conduct were individuals aged 65 or more and not more 9 than [fifty thousand dollars ($50,000)] one hundred thousand 10 dollars ($100,000) if any of the victims of the person's 11 violative conduct were individuals aged 65 or more or imprisoned 12 for not more than [seven] ten years, or both. In addition to 13 fine or imprisonment, or both, the person may be sentenced to 14 make restitution. 15 (c) Each of the acts specified in subsections (a) and (b) 16 shall constitute a separate offense and a prosecution or 17 conviction for any one of such offenses shall not bar 18 prosecution or conviction for any other offense. No indictment 19 or information may be returned under this act more than five 20 years after the alleged violation. 21 Section 2. This act shall take effect in 60 days. B6L70BIL/20020S1345B1809 - 2 -