Corporate Fraud Accountability Act of 2002

Summary

Corporate Fraud Accountability Act of 2002 - Amends Federal criminal law to establish a monetary penalty and imprisonment for: (1) knowing perpetration of securities fraud; and (2) tampering with a record or otherwise impeding an official proceeding. Requests the United States Sentencing Commission to: (1) promptly review sentencing guidelines applicable to securities and accounting fraud; and (2) expeditiously consider promulgation of new sentencing guidelines to provide an enhancement for officers of directors of publicly traded corporations who commit fraud and related offenses. Sets a deadline for such guidelines. Amends Federal bankruptcy law to declare nondischargeable in bankruptcy debts that have been incurred in violation of Federal or State securities fraud laws. Amends Federal criminal law to require senior corporate officers to certify in writing that financial statements fairly and accurately represent the operations and financial condition of the issuer. Establishes criminal penalties for violations of this requirement. Subjects to criminal penalties any attempt or conspiracy to commit any offense against the United States. Amends the Securities Exchange Act of 1934 to: (1) increase criminal penalties for violations; and (2) authorize the Securities and Exchange Commission (SEC) to seek a temporary injunction to freeze extraordinary payments earmarked for designated persons or corporate staff under investigation for possible violations of Federal securities laws. Amends the Securities Exchange Act of 1934 and the Securities Act of 1933 to authorize the SEC to prohibit violators of certain prohibitions against manipulative or deceptive devices or certain reporting requirements from serving as officers or directors of a publicly traded corporation. Amends Federal criminal law to establish criminal penalties for intentional retaliation against any person who has provided information to a law enforcement officer regarding the commission of a Federal offense.

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Documents

8 official files

• Referred in Senate (text)

  Referred in Senate · EN · 19 July 2002

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• Referred in Senate (PDF)

  Referred in Senate · EN · 19 July 2002

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• Engrossed in House (text)

  Engrossed in House · EN · 16 July 2002

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• Engrossed in House (PDF)

  Engrossed in House · EN · 16 July 2002

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• Passed House amended

  summary · EN · 16 July 2002

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• Introduced in House (text)

  Introduced in House · EN · 15 July 2002

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• Introduced in House (PDF)

  Introduced in House · EN · 15 July 2002

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• Introduced in House

  summary · EN · 15 July 2002

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