This bill would establish the Market Accountability Compensation Fund in the State Treasury for the purpose of providing monetary relief to victims of investment fraud. This bill would authorize the Alabama Securities Commission to use the fund to provide restitution assistance to victims of investment fraud who cannot recover restitution from the perpetrator. This bill would establish limits on the amount that may be paid from the fund to victims of investment fraud. This bill would authorize the commission to have subrogation rights to the restitution ordered for a victim that has received a restitution assistance award. This bill would provide criminal penalties for anyone who files a fraudulent claim or provides misleading information to the commission regarding a claim for restitution assistance. This bill would also authorize the commission to enforce this act.

Statutes affected:
Introduced: 8-6-17