NY Legislature Reinstates 6-Year Statute of Limitations for Martin Act
“The Martin Act has become an invaluable tool for enforcement against financial crimes and unfortunately the court decision made it harder to use that tool, and we wanted to go back to the way it was originally used,” Gianaris said.
June 21, 2019 at 02:13 PM
5 minute read
The state Attorney General's Office will once again have a six-year statute of limitations to pursue criminal charges and civil claims of securities fraud against Wall Street firms, after lawmakers approved a bill this week to reverse the effect of a recent decision by the New York Court of Appeals.
In that decision, handed down one year ago, the state's highest court ruled that actions brought under the Martin Act, a 1920s law used by the Attorney General's Office to police fraud, had a three-year statute of limitations.
But New York Attorney General Letitia James had other plans. She delivered to lawmakers what's called a program bill, which is when a statewide elected official proposes legislation but needs someone to carry it.
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