In 2002, after the Halliburton no-bid profiteering in Iraq and the Enron bankruptcy revealed the depths of the Cheney-Lay-Skilling predatory mind-set of CEOs willing to pillage their own companies, AB 55 added a new Section to the California Corporation Code. Section 1502.1 establised the Victims of Corporate Fraud Compensation Fund (VCFCF) in the State Treasury administered by the Secretary of State.
The purpose of the Fund is to provide restitution to the victims of corporate fraud. Once a fraud judgment is obtained, if collection efforts are fruitless, victims can turn to the Fund. Apparently, however, since 2002, no victim has recovered.
Thursday, September 02, 2010
Victims of Corporate Fraud - a Compensation Fund
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