A bill to amend the Commodity Exchange Act for the purposes of revising certain violations of such Act, establishing restitution procedures with respect to such violations, and authorizing civil forfeiture proceedings with respect to such violations, and for other purposes.

Summary

Amends the Commodity Exchange Act to increase from $100,000 to $500,000 the fine and from five to ten years the imprisonment term for specified prohibited acts by any person in connection with any account, agreement, or transportation involving a regulated options contract for the sale of an agricultural commodity for future delivery. Authorizes a civil cause of action for triple damages and reasonable attorney's fees by any person injured by a prohibited act. Authorizes the district court with jurisdiction over either a criminal trial or civil action brought by a State to order all or any part of a fine or judgment to be paid to the victim of the offense or to the injured person. Directs the Commodity Futures Trading Commission, as plaintiff in an in rem civil proceeding, to seize money, securities, or property that a defendant has been ordered to forfeit to the United States, and to make due provision for the rights of any innocent person from the proceeds of any disposition of such property. Authorizes the Commission to perform the duties of customs officers in the enforcement of this Act.

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Documents

1 official file

• Introduced in House

  summary · EN · 2 May 1978

  Open at official source

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