SB 14
Authorizing restitution to victims of securities fraud
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill establishes a system for providing restitution to victims of securities fraud in West Virginia. It creates a Securities Restitution Operating Fund and outlines procedures for applying for and receiving restitution assistance. The bill also addresses issues such as subrogation, liens on recoveries, and exemptions from attachment, and allows the Auditor to promulgate rules regarding the restitution program. It aims to ensure that victims of securities violations receive compensation for their losses.
Key provisions
- Creates the Securities Restitution Operating Fund to provide restitution assistance to victims of securities violations.
- Establishes procedures for applying for and receiving restitution assistance, including eligibility requirements and time limits.
- Defines eligible victims and sets limits on the amount of restitution assistance awarded, considering vulnerability.
- Allows the Auditor to transfer a percentage of securities fees to the restitution fund.
- Provides for subrogation rights, allowing the state to recover restitution funds from those ordered to pay.
- Creates a lien on any recovery made by a victim to secure restitution amounts.
- Exempts restitution awards from attachment or garnishment.
- Authorizes the Commissioner to adopt rules related to the restitution program.
Who is affected
- Victims of securities fraud
- Investors who have lost money due to securities violations
- The State of West Virginia (through the creation of a dedicated fund)
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