Manhattan District Attorney Cyrus Vance Jr. said he wants harsher penalties, including mandatory prison time, for people convicted of major securities fraud in New York.My feeling is that such crimes should carry the exact same penalty as bank robbery.
Vance said in a speech at New York City Bar Association in midtown Manhattan yesterday that he will call on the legislature to change the Martin Act, New York’s securities fraud statute. He said he will seek prison sentences of as long as 8 1/3 years to 25 years for frauds involving more than $1 million. The crime now carries no minimum prison sentence, regardless of the money involved.
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Thursday, January 27, 2011
Public Hanging is Probably Out of the Question
3 comments:
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I think the fines should be no smaller than the proceeds of the crime.
ReplyDeleteI'm with Joe..ow about 10 times the amount? No bankruptcy protection. Garnishment. Let them work for somebody else for a few decades.
ReplyDeleteI've thought for years that major White Collar crime should carry the death penalty. Really. Two reasons: 1.they are not crimes of passion, only cold premeditated greed, so there would be a strong deterrent effect; 2. look a little down the line, and you'll find that a lot of these cases end up destroying far more lives and even contributing to deaths of their victims than any simple murder-during-stickup type of crime. Seriously, if Charles Keating had gone to the chair, would we have had the world financial meltdown that we're still living with now?
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