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Fraud Restitution Bill Clears First Hurdle!
Senate Bill 76, which creates a fund for victims of securities fraud, passed the Senate Judiciary Committee on Thursday, April 10.
The bill was amended after Secretary of State Cisco Aguilar proposed capping the fund at $500,000.
The bill would be created from money obtained from successful prosecution of securities fraud cases. Victims would be able to apply to the fund get back some of what they've lost.
The bill now moves to the entire Senate, where it must pass by the April 22 deadline.
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