State Representative Christina Hagan (R-Marlboro Twp.) today announced that she will sponsor legislation to update Ohio’s Securities Law and modify the ramifications for violations of the Ohio Securities Act. A local securities fraud incident in Summit County is the catalyst for this proposed state wide legislation.
Current Ohio law regarding securities fraud is insufficient in providing adequate protection to both investors and Ohio citizens. Ohio is one of only five states that does not authorize fining authority to securities regulators for violations of state securities law. Ohio law also fails to permit the costs and expenses of investigations to be recouped from law violators. The legislation being proposed by Representative Hagan intends to shore up these deficiencies in Ohio’s current law.
Updates to the Ohio Securities Act will soon be introduced in the House by Representative Hagan, with companion legislation to be introduced in the Senate.