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Michele Hirshman Quoted on Potential Penalty Increases for State Securities Violations
Litigation partner Michele Hirshman was quoted in the February 14 issue of BNA's Securities Regulation and Law Report on Manhattan District Attorney Cyrus R. Vance Jr.'s legislative proposal to increase penalties for certain state securities law violations.
Vance wants to make certain violations of the Martin Act, the New York state securities law, punishable as a Class B felony, which provides for a mandatory prison sentence with maximum terms of imprisonment up to 25 years. Martin Act criminal offenses are currently punishable as Class E felonies, which provide for a maximum of four years imprisonment.
Michele said that harsher penalties should be accompanied by increased proof requirements for prosecutors. Because the accused individual's liberty is at stake, Michele said that "the government should have to prove their case and it should not be easy. It's supposed to be hard."