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| Report: White-Collar Crackdown in the Works |
| By Reuters |
| Published: 05/07/2001 |
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As part of an effort to deter white-collar crime, an independent federal judicial panel is proposing longer prison terms for people convicted of insider trading, fraud, tax evasion and similar offenses, the Wall Street Journal reported in its online edition recently. The recommendations, developed by the U.S. Sentencing Commission and to be sent to Congress May 1, call for people convicted of insider trading, tax crimes or fraud in excess of $1 million to face a maximum of 63 months in prison, the paper said. That is a 70 percent boost for fraud and insider trading, from the current maximum of 37 months for the same offenses, according to the Journal. For tax cheats, the recommendation is a 37 percent jump from the maximum of 46 months for the same crime under current guidelines, the paper said. The proposed guidelines focus primarily on crimes involving higher dollar amounts than in the past, with sentences increasing sharply at offenses involving $120,000, the report noted. |
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