Streams

Manhattan DA Calls for Broader Powers to Fight White-Collar Crime

Tuesday, January 25, 2011

WNYC

Manhattan District Attorney Cyrus Vance said he wants to expand the powers of an already powerful state law called the Martin Act so he can more aggressively prosecute white-collar crime.

In a speech to the New York City Bar Association on Tuesday, Vance said the Martin Act is too "lenient" in its penalties and treats many offenders the same, regardless of the amount of money involved.

"A broker who fraudulently deprives one customer of $500 is subject to the same penalty as a high-level market manipulator who deprives the investing public of hundreds of millions of dollars," Vance said.

The Martin Act, enacted in 1921, was revived by former New York Attorney General Eliot Spitzer, who used it aggressively against Wall Street. Many view the state law as one of the most powerful prosecutorial tools in the country because it gives state prosecutors broad powers to subpoena documents from any company doing business in New York.

Vance said he'll be calling on Albany this year to increase the penalties for offenders who wrongfully obtain large sums of money, and lengthen the statute of limitations for misdemeanor violations.

Tags:

More in:

News, weather, Radiolab, Brian Lehrer and more.
Get the best of WNYC in your inbox, every morning.

Leave a Comment

Register for your own account so you can vote on comments, save your favorites, and more. Learn more.
Please stay on topic, be civil, and be brief.
Email addresses are never displayed, but they are required to confirm your comments. Names are displayed with all comments. We reserve the right to edit any comments posted on this site. Please read the Comment Guidelines before posting. By leaving a comment, you agree to New York Public Radio's Privacy Policy and Terms Of Use.

Sponsored

Latest Newscast

 

 

Support

WNYC is supported by the Charles H. Revson Foundation: Because a great city needs an informed and engaged public

Feeds

Supported by