NCJ Number
63480
Date Published
Unknown
Length
33 pages
Annotation
THIS REPORT REFERS TO AN EVALUATION OF FLORIDA'S SECURITIES FRAUD UNIT, WITH REGARD TO ITS EFFECTIVENESS AND OVERALL IMPACT ON THE CRIMINAL JUSTICE SYSTEM.
Abstract
THE UNIT WAS ESTABLISHED IN 1974 TO REDUCE THE IMPACT OF SECURITIES FRAUD WITHIN FLORIDA. SINCE THEN IT HAS RECEIVED 1.1 MILLION IN LEAA FUNDS AND HAS A STAFF OF 13. THE UNIT'S PRIMARY RESPONSIBILITY IS THE INVESTIGATION OF ALLEGED SECURITIES VIOLATIONS. EVALUATION INCLUDED AN EXAMINATION OF THE UNIT'S BACKGROUND DATA (OPERATIONAL HISTORY, ORGANIZATIONAL STRUCTURE, BUDGET ANALYSIS); AN EXAMINATION OF A REPRESENTATIVE CASE FILE AND PROGRESS REPORT, AS WELL AS OF OFFICE AND FINANCIAL REPORTING PROCEDURES; INTERVIEWS WITH SELECTED STATE OFFICIALS; AND A COMPARATIVE ANALYSIS OF THE UNIT'S OPERATIONAL PROCEDURES TO THOSE OF FRAUD DIVISIONS IN OTHER STATES. FINDINGS INDICATED THAT INITIALLY, DISSENSION EXISTED WITHIN THE UNIT RESULTING FROM THE LACK OF DIRECTION FROM THE POLICY BOARD AND POOR PROJECT MANAGEMENT AND ADMINISTRATION. COURT DELAY IS A MAJOR PROBLEM ENCOUNTERED BY THE UNIT; ALTHOUGH COOPERATION HAS BEEN ESTABLISHED WITH OTHER AGENCIES, THE ACCOMPLISHMENTS OF THE UNIT HAVE BEEN NOTEWORTHY AND THE UNIT HAS BEEN RECOMENDED TO BE INCORPORATED IN THE NEW BUDGET. IN ADDITION, THE UNIT HAS PRACTICALLY ELIMINATED THE 14 PERCENT INTEREST RACKET AND IS NOW ADDRESSING SUCH PROBLEMS AS ILLEGAL STOCK SALES AND WORM CASES. RECOMMENDATIONS WERE THAT THE POLICY BOARD SHOULD BE COMPOSED OF MEMBERS WHO ARE IN DECISONMAKING ADMINSTRATIVE ROLES WITHIN THE CRIMINAL JUSTICE OR REGULATORY SYSTEMS OF FLORIDA; THAT THE UNIT SHOULD CONCENTRATE ON CRIMINAL PROCEEDINGS FOR INCREASED COST EFFECTIVENESS; AND THAT THE PUBLIC NEEDS TO BE INFORMED OF PREVENTIVE MEASURES AGAINST FRAUDULENT ACTS. TABULAR DATA AND COPIES OF NEWSPAPER ARTICLES ABOUT THE UNIT'S WORK ACCOMPANY THE REPORT. (MJW)