Securities Protection Act

Summary

Establishes criminal penalties for whoever: (1) with intent to defraud or having reason to believe his act will facilitate fraud forges or counterfeits any marketable security; (2) knowingly executes in any manner an unauthorized copy of any marketable security; and (3) with intent to defraud or having reason to believe his act will facilitate fraud possesses or controls any tool or other thing used in forging or counterfeiting any marketable security. Entitles any corporation, business, or government whose securities have been forged or counterfeited to recover damages (equal to three times the security's value) in a civil suit in a district court. Establishes criminal penalties for whoever receives, possesses, or offers for sale, or attempts to receive, possess, or offer for sale any marketable security of the United States knowing the same to be stolen, converted, or obtained by fraud. Establishes criminal penalties for whoever: (1) steals, embezzles, or fraudulently converts, or attempts to steal, embezzle, or fraudulently convert any security in the possession or control of any financial institution; (2) receives or possesses any security which has been stolen, embezzled, or converted from a financial institution, knowing the same to be stolen, embezzled, or converted; or (3) tenders, presents, sells, accepts, or attempts to tender, present, sell, or accept any stolen, counterfeit, or forged security at any financial institution, knowing the same to be stolen counterfeit, or forged. Gives investigative jurisdiction to the Federal Bureau of Investigation with respect to such offenses and to the United States Secret Service with respect to certain such offenses involving foreign governments or U.S. securities.

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1 official file

• Introduced in Senate

  summary · EN · 20 June 1979

  Open at official source

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