Nevada Secretary of State Cisco Aguilar has introduced his first bill to the legislature.
The bill would give restitution to victims of securities fraud, which is commonly referred to as investment fraud.
Deputy Secretary of Securities Erin Houston explains that if the bill passes, they will establish a statewide securities restitution fund.
"Exclusively to those who lost their money to scammers fraudsters related to investment fraud. Think Bernie Madoff, think of the pansy schemes or any bogus investment scheme,” said Deputy Secretary of Securities Erin Houston.
So far there is no pot of money in the fund, but Houston explains that they will fill it with money that they garner from enforcement efforts, which is usually about $200,000 annually.
Deputy Houston says the two most common areas of securities fraud involve crypto-currency and romantic scams.
Victims will get up to $25,000 or 25% of their losses.
It would stand as a way for victims to get some of their savings back, because many times there is no money left, even if they successfully sue in civil court.
"I think this bill would be extremely helpful for victims of securities fraud. In my experience the fraudsters don't usually have a lot of money left over after they have stolen money from the victims. The money is gone. It's nowhere to be found or used to repay other investors,” explained Houston.
Houston says often times the elderly are targeted because many times they have more savings...and are vulnerable to the new scams coming out every day.
If you think you have been a victim of securities fraud, you can call the secretary of state's office at: (702) 486-2440
