Tough Financial Crime Law Aimed at White-Collar Crooks Like Bernard Madoff

In Montgomery County, Md., prosecutors are pushing for tougher state penalties for financial crimes that would allow the state to seize and sell property gained through certain financial crimes and give part of the proceeds back to victims. According to a recent article on WTOP.com, the laws would be so strict that white-collar crooks such as Bernard Madoff would be punished with more than just a slap on the wrist.

Assistant State’s Attorney Bryan Roselund was quoted in the article saying: “Our seizure laws right now are nonexistent for financial crimes. If [Madoff] were here, we would not be able to seize his apartment to try to pay victims back. We would not be able to seize money that he transfers to his wife to pay his victims back.”

Reselund is pushing for harsher penalities because current bill making its way through the House Judiciary Committee, would allow the state to seize property from identity thieves only.

We are certainly living in an age of accountability when it comes to financial crimes. We are happy to see that the current bill making its way through legislation is focusing on seizing property from identity thieves, and we applaud any efforts to expand this bill. What do you all think??