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Rep. Mike McKell: Utah Is “A Hot Bed For Financial Fraud”

BCA-white-collar-crimeNew York (HedgeCo.Net) – A White Collar Crime Registry has been included in the Utah Code of Criminal Procedure allowing the public to check up on traders, hedge fund managers, investment advisors and the like, the NYT reports.

“Utah is a hot bed for financial fraud committed by repeat offenders.” Rep. Mike McKell said while introducing the legislation, “Many people in our state have trusting relationships with those who take their money in multi million dollar schemes and many times those particular people have already been convicted of financial crimes.”

Rep. McKell pointed out that the information is already public in legal databases, but is not organized or easily accessible for consumers.

According to Utah Attorney General Sean Reyes, despite so many positive economic indicators and a tremendous environment overall for business in the state, Utah is sadly known for its high level of financial vulnerability to affinity fraud. The current state of the bill authorizes the Utah Attorney General’s Office to develop, operate, and maintain the Utah White Collar Crime Offender Registry website

“A simple search on this registry may save you your life savings,” Reyes said, “this tool will hopefully curtail some of the billions of dollars lost in Utah to investment fraud and other financial crimes.  This will be a tremendous outcome for citizens.”

Alex Akesson
Editor for HedgeCo.net
alex@hedgeco.net
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