A bill to amend the Securities Exchange Act of 1934 with respect to civil liability arising out of certain violations, and for other purposes.

Summary

Amends the Securities Exchange Act of 1934 to make the civil penalty imposed for insider trading automatic treble damages. Allows the victim of securities fraud to recover up to twice the actual damages suffered if the trier of fact finds that the securities violation demonstrated wanton disregard for the rights of such victim. Requires that one-third of the amount of damages exceeding actual damages be available to the Securities and Exchange Commission for enforcement costs, unless the Congress enacts a joint resolution stating otherwise. Increases the maximum criminal penalties for insider trading to $500,000 or five years imprisonment or both.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 6 March 1987

  Open at official source

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