A New York lawmaker is introducing a bill to toughen criminal penalties for financial crimes, arguing the state needs to step up after the Trump administration gutted the Consumer Financial Protection Bureau.
Corporations with annual revenues greater than $100 million that are convicted of a felony offense under New York state laws would face stiffer penalties under the bill sponsored by state Sen. Zellnor Myrie (D), who shared the text of the bill exclusively with Bloomberg Government. Currently, fines assessed on companies convicted of certain criminal offenses can’t exceed $500,000.
The bill would allow state prosecutors to pursue equity fines ...