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State prosecutors urge overhaul of New York's white-collar fraud statutes in hearing
Summary
Prosecutors, attorneys general and district attorneys told a joint Senate hearing New York's scheme-to-defraud and related statutes are outdated and hinder prosecutions of modern, large-scale frauds; witnesses urged the "Scam Act," grand-jury reforms and new felony tiers tied to victims and scale.
Senator Myrie convened a joint hearing of the Senate Codes and Consumer Protection committees in Albany to press for modernization of New York's white-collar crime laws, saying the state's fraud statutes date from 1986 and cannot reach many contemporary schemes.
"It is time we do something about it," Myrie said, recounting interactions with student loan servicers who declined to answer legislative questions and arguing that "no one is accountable, and the borrower is the one that is trapped inside." The chair framed the hearing around the need for statutory changes to hold sophisticated actors to account.
Stephanie Swinton, chief of the Attorney General's Financial Crimes Bureau,…
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