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Committee narrowly expands securities regulator’s power to order investor restitution
Summary
Senate Bill 284 would allow the Georgia securities regulator to order return of investor funds when fraud is found and to use subpoena power to locate assets; the committee passed the bill after testimony by the Secretary of State’s securities division.
The Senate Insurance and Labor Committee voted to pass Senate Bill 284, which would add an investor restitution tool for the Secretary of State’s securities division when fraud has been found under the Georgia Uniform Securities Act of 2008.
Senator Walker, the bill’s sponsor, told the committee the change would give the Secretary of State an additional remedy beyond civil penalties and license revocation. He said the measure is limited to restoring investor funds in fraud cases and includes due‑process safeguards.
Nuala Zaharis, assistant commissioner of securities and director of the securities…
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