Corporate and Criminal Fraud Accountability Act of 2002

Summary

Corporate and Criminal Fraud Accountability Act of 2002 - Amends the Federal criminal code to set penalties for: (1) destroying, altering, or falsifying records in Federal investigations or in bankruptcy; and (2) failure of an accountant who conducts an audit of an issuer of securities to maintain all documents sent, received, or created in connection with the audit for a five year period. Amends: (1) the Racketeer Influenced and Corrupt Organizations Act to authorize State attorneys general and the Securities and Exchange Commission (current law limits such authority to the Attorney General) to institute proceedings under the Act; (2) Federal bankruptcy law to make certain debts incurred in violation of Federal or State securities laws, or common law fraud in connection with the purchase or sale of any security, non-dischargeable in bankruptcy; and (3) the Federal judicial code to authorize a private right of action that involves a securities fraud-related claim to be brought by the earlier of five years after the date of the alleged violation or three years after its discovery. Directs the United States Sentencing Commission to review the Federal sentencing guidelines for obstruction of justice, and for fraud when the number of victims adversely involved is significantly greater than 50 or when it endangers the solvency or financial security of multiple victims. Authorizes a civil action to protect whistle-blowing employees against retaliation in fraud cases involving publicly traded companies. Sets forth criminal penalties for defrauding shareholders of such companies.

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Documents

6 official files

• Reported to Senate (text)

  Reported to Senate · EN · 6 May 2002

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• Reported to Senate (PDF)

  Reported to Senate · EN · 6 May 2002

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• Reported to Senate with amendment(s)

  summary · EN · 6 May 2002

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• Introduced in Senate (text)

  Introduced in Senate · EN · 12 March 2002

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 12 March 2002

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• Introduced in Senate

  summary · EN · 12 March 2002

  Open at official source

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