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Too late for NY prosecution in securities meltdown
Ms Sans Serif
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[quote:Anonymous Coward 1252172:MV8yMDA4NjQxXzM2NkY5MEE0] Described as a template for more lawsuits to follow, the move signals that Wall Street players won't face state prison for packaging and selling the troubled investments that nearly brought the U.S. economy to its knees. The felony statute of limitations under New York's Martin Act against securities fraud is five years, so it's too late to bring a criminal case. http://hosted.ap.org/dynamic/stories/U/US_MORTGAGE_SECURITIES_PROSECUTION?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-10-04-18-40-57 [/quote]
Described as a template for more lawsuits to follow, the move signals that Wall Street players won't face state prison for packaging and selling the troubled investments that nearly brought the U.S. economy to its knees. The felony statute of limitations under New York's Martin Act against securities fraud is five years, so it's too late to bring a criminal case.
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