Securities Fraud Deterrence and Investor Restitution Act of 2004

Summary

The Securities Fraud Deterrence and Investor Restitution Act of 2003 - Amends the Sarbanes-Oxley Act of 2002 to authorize the Securities and Exchange Commission (SEC) to obtain foreclosure and forced sale of any property owned by a person against whom the SEC has obtained either a Federal or State court order or judgment based upon an alleged fraudulent, deceptive, or manipulative act or practice in violation of securities laws. Permits such recovery notwithstanding any homestead provision of any State constitution or State law that exempts or protects property from either foreclosure and forced sale under any process of court or from any lien thereon for the payment of debts. (Thus preempts the State homestead exemption). Amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Company Act of 1940 to: (1) authorize the SEC to impose civil penalties in cease and desist proceedings; and (2) increase maximum civil money penalties. Amends the Securities Exchange Act of 1934 to authorize the SEC to access financial records held by a financial institution without notice to the affected person if it acts pursuant to an administrative or judicial subpoena to enforce the securities laws. Amends the Sarbanes-Oxley Act of 2002 to authorize the court to order disclosure of grand jury matters to the SEC during an investigation of possible violation of the securities laws. Provides (as under current law) that civil penalty monies obtained by the SEC pursuant to judicial or administrative action shall, upon the motion or direction of the SEC, be added to a fund for the benefit of victims of securities laws violations. Removes the condition that such monies may be added only if the SEC obtains a court order for disgorgement against a violator, or if a person agrees in settlement of a disgorgement action to make such a disgorgement. Mandates that civil penalties and disgorgement proceeds obtained in State actions for securities laws violations be remitted to the SEC for distribution to such victims' benefit fund. Authorizes the SEC to use for investor education certain undistributed funds obtained pursuant to judicial or administrative action.

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Documents

6 official files

• Reported in House (text)

  Reported in House · EN · 1 June 2004

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• Reported in House (PDF)

  Reported in House · EN · 1 June 2004

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• Reported to House with amendment(s)

  summary · EN · 27 April 2004

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• Introduced in House (text)

  Introduced in House · EN · 21 May 2003

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• Introduced in House (PDF)

  Introduced in House · EN · 21 May 2003

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• Introduced in House

  summary · EN · 21 May 2003

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