SB 853 - This act modifies provisions of the securities regulation law as it relates to the elderly and disabled.
Definitions for "elderly" and "disabled persons" are added. Also, mandatory minimum penalties are added for those who commit securities fraud against seniors and disabled persons. This act provides that when a defendant is convicted of such crimes against an elderly or disabled person, the defendant may be fined not less than fifty thousand dollars and imprisoned for not less than five years.
This act also provides for the Commissioner of Securities to impose enhanced penalties for securities fraud against the elderly or disabled.