Corporate and Criminal Fraud Accountability Act of 2002

openUnited States· United States Congress· EN

Introduced

12 March 2002

Last action

19 June 2002 · Committee

Status

Committee on the Judiciary Subcommittee on Crime and Drugs. Hearings held.

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

12 March 2002
Introduced
Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S1789-1790)
Source: IntroReferral
12 March 2002
Introduced
Sponsor introductory remarks on measure. (CR S1785-1788)
Source: IntroReferral
12 March 2002
Introduced
Introduced in Senate
Source: IntroReferral
25 April 2002
Reported
Committee on the Judiciary. Ordered to be reported with an amendment in the nature of a substitute favorably.
Source: Committee
6 May 2002
Calendars
Placed on Senate Legislative Calendar under General Orders. Calendar No. 366.
Source: Calendars
6 May 2002
Reported
Committee on the Judiciary. Reported by Senator Leahy with an amendment in the nature of a substitute. With written report No. 107-146. Additional views filed.
Source: Committee
6 May 2002
Reported
Committee on the Judiciary. Reported by Senator Leahy with an amendment in the nature of a substitute. With written report No. 107-146. Additional views filed.
Source: Committee
7 June 2002
Introduced
Sponsor introductory remarks on measure. (CR S5252-5254)
Source: IntroReferral
19 June 2002
Committee
Committee on the Judiciary Subcommittee on Crime and Drugs. Hearings held.
Source: Committee

Votes

No vote records are attached yet.

Versions

Reported to Senate · 6 May 2002 · Download file
Introduced in Senate · 12 March 2002 · Download file

Documents

6 official files

Reported to Senate (text)

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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
Leesvertaling
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Related records

related to → Corporate and Criminal Fraud Accountability Act of 2002

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/107th-congress/senate-bill/2010
Open data entity: https://api.congress.gov/v3/bill/107/s/2010
us · 107-s-2010 · source updated 10 August 2026