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Subcommittee backs bill letting securities division order refunds for investment fraud victims
Summary
A subcommittee heard and advanced legislation authorizing the state securities division to order restitution to victims in final administrative orders in fraud cases, adding a new tool to pursue returns alongside civil penalties and criminal referral.
A state and local government subcommittee advanced legislation that would give the Georgia Securities Division explicit authority to order refunds to victims in final administrative orders following findings of investment fraud.
Nula Zaharis, assistant commissioner in the Secretary of State’s office, said SB284 would expand remedies for investors by permitting the division, after due process, to require bad actors to return the amounts that victims invested. The bill also preserves the division’s existing civil‑penalty authority, which Zaharis said can reach up to…
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