H.R. 4098 (107th): Corporate and Criminal Fraud Accountability Act of 2002

Introduced:
Apr 09, 2002 (107th Congress, 2001–2002)
Sponsor:
Rep. John Conyers Jr. [D-MI14]
Status:
Died (Referred to Committee)
See Instead:

S. 2010 (same title)
Reported by Committee — Apr 25, 2002

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on April 9, 2002, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 09, 2002
Cosponsors
35 cosponsors (34D, 1I) (show)
Committees

House Judiciary

The committee chair determines whether a bill will move past the committee stage.

Full Title

To provide for criminal prosecution of persons who alter or destroy evidence in certain Federal investigations or defraud investors of publicly traded securities, to disallow debts incurred in violation of securities fraud laws from being discharged in bankruptcy, to protect whistleblowers against retaliation by their employers, and for other purposes.

Summary

No summaries available.

Text

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Last updated Apr 09, 2002.
16 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

4/9/2002--Introduced.
Corporate and Criminal Fraud Accountability Act of 2002 - Amends the Federal criminal code to set penalties for: (1) destroying, altering, or falsifying records in Federal investigations or in bankruptcy; (2) failure of an accountant who conducts an audit of an issuer of securities to maintain all documents sent, received, or created in connection with the audit for a five year period; and (3) executing a scheme to defraud in connection with a registered security, or to obtain by false pretenses money or property in connection with its purchase or sale.
Directs the United States Sentencing Commission to review the Federal sentencing guidelines for obstruction of justice, and for fraud when the number of victims adversely involved is significantly greater than 50 or when it endangers the solvency or financial security of multiple victims.
Amends: (1) Federal bankruptcy law to make certain debts incurred in violation of Federal or State securities laws, or common law fraud in connection with the purchase or sale of any security, non-dischargeable in bankruptcy, and to increase the amount of employees' wages protected under chapter 11 proceedings; and (2) the Federal judicial code to authorize a private right of action that involves a securities fraud-related claim to be brought by the earlier of five years after the date of the alleged violation or three years after its discovery.
Authorizes a civil action to protect whistle-blowing employees against retaliation in fraud cases involving publicly traded companies.
Amends the judicial code to direct the Attorney General to establish within the Department of Justice a Retirement Security Fraud Bureau.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

Other Citations

  • 18 U.S.C. Chapter 63
  • 18 U.S.C. Chapter 73