PRINTER'S NO. 3716
No. 2577 Session of 2002
INTRODUCED BY G. WRIGHT, THOMAS, BELFANTI, BEBKO-JONES,
COLAFELLA, CORRIGAN, COY, CREIGHTON, CURRY, DeLUCA, J. EVANS,
FAIRCHILD, FREEMAN, GEORGE, HARHAI, HENNESSEY, HORSEY, JAMES,
KELLER, McCALL, McGEEHAN, McILHATTAN, MELIO, MUNDY, PISTELLA,
READSHAW, RUBLEY, SANTONI, SEMMEL, SHANER, SOLOBAY, STABACK,
STEELMAN, TANGRETTI, TIGUE, WALKO, WANSACZ, WASHINGTON,
WATERS, WOJNAROSKI, YOUNGBLOOD, YUDICHAK AND J. TAYLOR,
APRIL 17, 2002
REFERRED TO COMMITTEE ON COMMERCE AND ECONOMIC DEVELOPMENT,
APRIL 17, 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
1 section 407(a) knowing that the statement made was false or
2 misleading in any material respect, commits a misdemeanor of the
3 first degree and may be fined not more than five thousand
4 dollars ($5,000) or imprisoned not more than five years, or
5 both. In addition to fine or imprisonment, or both, a person may
6 be sentenced to make restitution.
7 (b) A person who wilfully violates section 401, 408 or 409
8 commits a felony of the [third] second degree and may be fined
9 not more than [ten thousand dollars ($10,000)] twenty thousand
10 dollars ($20,000) if none of the victims of the person's
11 violative conduct were individuals aged 65 or more and not more
12 than [fifty thousand dollars ($50,000)] one hundred thousand
13 dollars ($100,000) if any of the victims of the person's
14 violative conduct were individuals aged 65 or more or imprisoned
15 for not more than [seven] ten years, or both. In addition to
16 fine or imprisonment, or both, the person may be sentenced to
17 make restitution.
18 (c) Each of the acts specified in subsections (a) and (b)
19 shall constitute a separate offense and a prosecution or
20 conviction for any one of such offenses shall not bar
21 prosecution or conviction for any other offense. No indictment
22 or information may be returned under this act more than five
23 years after the alleged violation.
24 Section 2. This act shall take effect in 60 days.
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