|
Id., at 12-13.
New York Public Hearings, supra note 2 (written testimony of G.W. McDonald, Assistant Commissioner, Enforcement Division, California Department of Corporations, stating:
The securities marketplace has changed dramatically in recent years, and the regulatory and law enforcement community has been struggling to meet the new challenges. Telemarketers have increasingly sought to obtain broker-dealer licenses to cloak themselves with an aura of legitimacy while they continue to sell fraudulent and speculative investments.
See e.g. Chapter 1, Title 35, S.C. Code Ann. ยง 35-1-220 (Law. Co-op. 1997) (South Carolina law provides for the first $250,000 of fines and costs collected each years to go to the securities administrator).
Senate Hearing, supra note 16 (testimony of Arthur Levitt, Chairman, U.S. Securities and Exchange Commission). However, its not a small matter when its an investor's nestegg that has been ripped off.
Senate Hearing, supra note 16 (opening statement of Senator Susan M. Collins).
|