Act of Congress Fraud Fix Act

[asexualdinosaur]

A
BILL
To

Amend The Commercial Standards Act to Fix Fraud​

The people of the Commonwealth of Redmont, through their elected Representatives in the Congress and the force of law ordained to that Congress by the people through the constitution, do hereby enact the following provisions into law:

1 - Short Title and Enactment
(1) This Act may be cited as the 'Fraud Fix Act.'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by Avaneesh2008
(4) This Act has been co-sponsored by Representative MissAndrist.

2 - Reasons
(1) Many different types of fraud will lead to people being convicted of multiple crimes for basically the same decision/action.
(2) The crimes should be layered such that a person convicted for a specialized fraud cant be convicted for other types of fraud but raise the fines on the specialized frauds.

3 - Amendments
(1) Section 6 of The Commercial Standards Act shall be amended to:

"6 - Fraud
(1) The following sections outline the definition of Fraud, its differing forms, and different punishments:

(a) A crime classified under any sub-category of Fraud shall not be charged as Fraud for the same offense.

Fraud
An intentional or reckless misrepresentation or omission of an important fact, especially a material one, to a victim who justifiably relies on that misrepresentation; and the victim party or entity suffered actual, quantifiable injury or damages as a result of the misrepresentation or omission.
Individual Fine: Up to $10,000 + Damages + up to 10 mins Jail

Electoral Fraud
Defined in the Electoral Act

Money Laundering
Any act to conceal funds illegally obtained, through commercial transactions, business deals, or any means otherwise.
Individual Fine: Up to $10,000 + Damages + up to 10 mins Jail

Gambling Fraud
The act of fraudulently misrepresenting how a gambling activity is conducted.
Individual Fine: Up to $20,000 + Damages + up to 10 mins Jail

New Player Fraud
To take advantage of a new player's wealth and or resources for another's profit or advantage.
Individual Fine: Up to $20,000 + Damages + up to 10 mins Jail

False Advertising
(i) Classification: Indictable Criminal Offense
The act of authorizing a false advertisement for publication. Subsequent publications of the same advertisement count as separate offenses.
Minimum Sentencing: $100 Fine
Maximum Sentencing: $5000 Fine

Misleading Advertising
(i) Classification: Indictable Criminal Offense
The act of authorizing a misleading advertisement for publication. Subsequent publications of the same advertisement count as separate offenses.
Minimum Sentencing: $100 Fine
Maximum Sentencing: $5000 Fine”


(2) Section 7 of The Commercial Standards Act shall be amended to:

"7 - Identity Fraud
The act of fraudulently misrepresenting yourself as someone else or fraudulently claiming you have authority where you don't. There are several types of identity fraud:

Government Impersonation
The Act of fraudulently Impersonating a government official or a government employee for financial or another personal gain(s).
Fine: $1000 + Damages

False Credentials
The Act of fraudulently misrepresenting yourself or someone else as having a certification, commendation or another type of credential for personal gain.
Fine: $1000 + Damages”


(3) Section 8 of The Commercial Standards Act shall be amended to:

“Insider Trading
Buying or selling a stock based on non-public information that would substantially impact a trader’s decision to buy or sell. Any owner of a business that sells stocks of his own company has an obligation to make a reasonable attempt to, disclose this information to the shareholders, failure to do so may be considered evidence in an insider trading case.
Individual Fine: Up to $10,000 + Damages + up to 10 mins Jail

Market Manipulation
The act of fraudulently inflating or deflating the value of a company or asset of which you have a responsibility for. Any public company which values its own total market value over $500,000 is expected to have a publicly available, detailed explanation, of how they reached that evaluation. Failure to do so may be considered evidence in a market manipulation case.
Individual Fine: Up to $10,000 + Damages + up to 10 mins Jail

Third-Party Misrepresentation
The act of intentionally or recklessly aiding and abetting a party or entity in committing market manipulation. This also applies, to a party or entity which is not aware they might be committing market manipulation such as participants in a pump and dump scheme.
Individual Fine: Up to $10,000 + Damages + up to 10 mins Jail

Embezzlement
The act of withholding assets for the purpose of conversion of such assets, by one or more persons to whom the assets were entrusted, for personal gain.” An example of this law is; spending company funds for personal gain of a company of which you do not own 100%.
Individual Fine: Up to $10,000 + Damages + up to 10 mins Jail”

(4) Section 9 of The Commercial Standards Act shall be amended to:

"9 - Tax Fraud
(1) The fraudulent non-payment or underpayment of actual tax liabilities due. There are several types of tax evasion:

Personal Tax Evasion
The act of intentionally or maliciously transferring, funds to one or more personal balances or company bank accounts with no legitimate purpose, with the result that less tax is paid.
Individual Fine: Up to $10,000 + Damages + up to 10 mins Jail

Property Tax Evasion
The act of intentionally or maliciously transferring property to one or more persons over which they have no legal ownership without a legitimate purpose, with the result that less tax is paid.” To combat, said behaviour, a merged plot needs to be owned by the same person even after it has been merged.
Individual Fine: Up to $10,000 + Damages + up to 10 mins Jail”

 

[1950Minecrafter]

Presidential Assent

This bill has been granted assent and is hereby signed into law.

1950minecrafter
20th President of the Commonwealth of Redmont
Member of the WPR​