FOR IMMEDIATE RELEASE
March 9, 2006
For more information, contact Cheryl McCollum, 608/441-1216
Financial Crimes Legislation Passes State Senate
Proposal Defines New Crimes, Increases Penalties on Some Existing Crimes
MADISON – A bill that toughens penalties and defines new crimes against financial institutions has passed the final legislative hurdle and is now on its way to the governor’s desk.
Assembly Bill 986, also known as the financial crimes legislation, was approved by a voice vote in the Wisconsin State Senate on Wednesday.
“This bill adds more clarity to current law and provides more options for prosecutors,” said Kurt Bauer, president/CEO of the Wisconsin Bankers Association. “We also see this as a strong deterrent to criminals who commit crimes against financial institutions.”
The options for prosecutors to charge criminals who commit crimes against financial institutions will triple and fines will double. This law creates a new subchapter of property crimes against financial institutions where individuals can be charged with nine different crimes with the maximum penalty being a Class E felony, with fines of up to $50,000 and 15 years in jail.
As criminals have become more technologically savvy, there became a need to add a new category of crimes for prosecutors to charge these individuals, said Bauer. “Prosecutors will no longer need to search for a crime that in the end will not have a stiff enough penalty.”
The bill was co-sponsored by State Rep. Jean Hundertmark (R-Clintonville) and State Sen. Cathy Stepp (R-Sturtevant). It now awaits the governor’s signature before it becomes law.
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The Wisconsin Bankers Association is the state’s largest financial industry trade association, representing 300 commercial banks and savings institutions, their nearly 2,300 branch offices and 27,000 employees.
