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TORRANCE DAILY BREEZE: Lieu bill would speed up payments to corporate fraud victims
April 12, 2012
By Art Marroquin
The state Senate's Banking and Financial Institutions Committee this week approved a bill aimed at speeding up state payments to victims of corporate fraud.
Senate Bill 1058, introduced by state Sen. Ted Lieu, D-Redondo Beach, calls for paying victims within 90 days, increasing the maximum restitution from $20,000 to $50,000 and blocking corporations from contesting payments.
California's fraud compensation fund has raised nearly $15 million over the past decade, but only seven victims have been paid $112,000 over the same period of time, Lieu said.
Language in the current fraud compensation law is `riddled with red tape" that has prevented victims from getting paid, Lieu said.