MAJOR FRAUD ACT OF 1988
A legislation passed during the Reagan administration that aims to modify and intensify previous fraud legislation. The changes in this legislation are the increased maximum penalties for fraud, $1 million for single account while $10 million for multiple accounts; extended protection for employees who aid the prosecution of fraud cases; and introduced mandatory annual reports of fraud investigations submitted by the attorney general.
Passing Major Fraud Act was said to be a reaction to the securities fraud cases in the late 1980s and 1990s.
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