CRIMINAL LIABILITY FOR VIOLATIONS OF THE FEDERAL SECURITIES LAWS - THE NATIONAL COMMISSION'S PROPOSED FEDERAL CRIMINAL CODE, S. 1, AND S. 1400

• NCJ Number: 16067
• Journal: American Criminal Law Review Volume: 11 Issue: 4 Dated: (SUMMER 1973) Pages: 883-958
• Author(s): A F MATHEWS; W P SULLIVAN
• Date Published: 1973
• Length: 76 pages
• Corporate Author: American Bar Association
• Publication Format: Article
• Language: English
• Country: United States of America

Annotation

EXPLORES THE INTENTION AND ILLUSTRATIVE CASES OF FEDERAL SECURITIES LAWS AND EVALUATES THE WEAKNESSES AND STRENGTHS OF THE NATIONAL COMMISSION ON REFORM OF FEDERAL CRIMINAL LAWS PROPOSED CODE.

Abstract

THE NATIONAL COMMISSION'S PROPOSED CODE IS CONSIDERED TO NEEDLESSLY ELIMINATE ALL EXISTING FELONY DETERRENCE UNDER THE 1934 ACT. IT IS SAID THAT WHILE S. 1, 93D CONGRESS PRESERVES THE NEEDED FELONY SANCTIONS UNDER ALL THE STATUTES, IT DOES SO ONLY THROUGH IMPLEMENTATION OF A REGULATORY OFFENSE MECHANISM EMBRACING VIOLATIONS OUTSIDE THE CODE ITSELF AND CONTAINING HIGHLY REFINED CULPABILITY GRADATIONS NOVEL TO FEDERAL LAW. S. 1 IS ALSO SAID TO PROVIDE A FLEXIBLE NEW SENTENCING SYSTEM. THE ADMINISTRATION BILL, S. 1400, 93D CONGRESS IS DEEMED TO CONTAIN THE BEST TREATMENT OF SECURITIES OFFENSES. FELONY DETERRENCE IS CONSIDERED PRESERVED UNDER ALL THE STATUTES, ALONG WITH THE ACHIEVEMENT OF CONSISTENCY BETWEEN SIMILAR PROVISIONS IN EACH OF THE STATUTES. THE COMMISSION'S GOAL OF HAVING ALL FEDERAL FELONIES SPECIFICALLY ENUMERATED IN THE CODE ITSELF IS CONSIDERED ACCOMPLISHED. IN THE VIEW OF THE AUTHORS, THE NEW FEDERAL CRIMINAL CODE SHOULD COMBINE THE SUBSTANTIVE PROVISIONS OF S. 1400 WITH THE MORE FLEXIBLE FINING AND IMPRISONMENT PROVISIONS CONTAINED IN S. 1. (AUTHOR ABSTRACT MODIFIED)