Justice for Victims of Corporate Fraud Act
Last action on Oct 7, 2002Referred to the Subcommittee on Capital Markets, Insuranc...
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Summary
Justice for Victims of Corporate Fraud Act - Directs the Securities Exchange Commission to establish an allocation system for any disgorgement fund that has been established pursuant to an order for an accounting and disgorgement of funds, and which is designated for victims of securities laws violations committed by either a corporation or its auditing firm.
Grants first priority to former employees of the corporation who participated in an individual account plan established by such corporation.
Declares that civil penalties collected in the SEC enforcement proceeding shall be added to the disgorgement fund. Amends the Federal Election Campaign Act of 1971 to permit transfer of certain Federal campaign contributions into the disgorgement fund as well.
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