(January 10 – 11: 45 ET) – Fines are not enough for securities cheats, says a top regulator. Securities criminals should do time, says Bradley Skolnik, president of the North American Securities Administrators Association

Skolnik said, “Someone steals your car, they go to prison. A con artist steals the money your parents need for retirement, and maybe they get fined — that’s not right,” Skolnik said this weekend at NASAA’s enforcement conference in San Diego.

A recent NASAA survey found that state securities regulators secure an average of nearly 300 criminal convictions a year. But NAsSSA needs to lay more criminal charges, Skolnik said, citing the “bull market in fraud”.

Skolnik admitted the obstacles to white-collar crime prosecutions are substantial, notably that they are costly, complex, and don’t attract a lot of public outcry. Nevertheless the NASAA believes the cases must be brought. It has drawn up some sample jury instructions to help educate juries and secure convictions.

The NASAA is also planning to host a summit in Washington, DC later in the year to bring together regulators and law enforcment agencies. NASAA brings together U.S. state, Canadian provincial and Puerto Rican securities regulators.
-IE Staff