Political Quotes

“today I am introducing the Microcap Fraud Prevention Act of 1999 which will equip Federal law enforcement authorities with new tools to prosecute the fight against microcap securities fraud that costs unwary investors an estimated $6 billion annually. While cold-calling families at dinnertime and high-pressure sales remain a favorite tactic of microcap con artists, the Internet is providing a new and inviting frontier for the commission of microcap frauds. I find it particularly disturbing that despite the best efforts of regulatory authorities, microcap scam artists often commit repeat offenses. Similarly, under current law, persons barred from other segments of the financial industry, such as banking or insurance, can easily bring their deceptive practices into our securities markets. I am very pleased to have the cosponsorship of two of my distinguished colleagues in introducing this important legislation. Senator Cleland and Senator Gregg are united with me in a commitment to ensure that security regulators have the necessary authority to crack down on securities fraud.”