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HR 4098 107th Congress House

Corporate and Criminal Fraud Accountability Act of 2002

Official title: To provide for criminal prosecution of persons who alter or destroy evidence in certain Federal investigations or defraud investors of publicly traded securiti… Show full official titleShow less

Official title: To provide for criminal prosecution of persons who alter or destroy evidence in certain Federal investigations or defraud investors of publicly traded securities, to disallow debts incurred in violation of securities fraud laws from being discharged in bankruptcy, to protect whistleblowers against retaliation by their employers, and for other purposes.

Introduced: April 9, 2002 See on congress.gov
Crime and Law Enforcement AccountingAccounting and auditingAccounting and financial statementsAdministrative procedure
More subjectsShow fewer subjects
Administrative remediesAttorneys generalAuditingAuditing and auditorsBankruptcyBusiness recordsCivil Rights and Liberties, Minority IssuesCivil actions and liabilityCommerceCorporate collapseCorporate corruptionCorporate governanceCrime preventionCriminal investigationCriminal justice information systems
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This bill died when the 107th Congress ended
It never became law before the 107th Congress (2001–2002) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 6, 2002
Referred to the Subcommittee on Crime, Terrorism, and Homeland Security.
Apr 9, 2002
Referred to the House Committee on the Judiciary.
Apr 9, 2002
Sponsor introductory remarks on measure. (CR E463-464)
Apr 9, 2002
Introduced in House
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 Latest action May 6, 2002

Referred to the Subcommittee on Crime, Terrorism, and Homeland Security.

 Plain-English summary Congressional Research Service
Corporate and Criminal Fraud Accountability Act of 2002 - Amends the Federal criminal code to set penalties for: (1) destroying, altering, or falsifying records in Federal investigations or in bankruptcy; (2) failure of an accountant who conducts an audit of an issuer of securities to maintain all documents sent, received, or created in connection with the audit for a five year period; and (3) executing a scheme to defraud in connection with a registered security, or to obtain by false pretenses money or property in connection with its purchase or sale.

Directs the United States Sentencing Commission to review the Federal sentencing guidelines for obstruction of justice, and for fraud when the number of victims adversely involved is significantly greater than 50 or when it endangers the solvency or financial security of multiple victims.

Amends: (1) Federal bankruptcy law to make certain debts incurred in violation of Federal or State securities laws, or common law fraud in connection with the purchase or sale of any security, non-dischargeable in bankruptcy, and to increase the amount of employees' wages protected under chapter 11 proceedings; and (2) the Federal judicial code to authorize a private right of action that involves a securities fraud-related claim to be brought by the earlier of five years after the date of the alleged violation or three years after its discovery.

Authorizes a civil action to protect whistle-blowing employees against retaliation in fraud cases involving publicly traded companies.

Amends the judicial code to direct the Attorney General to establish within the Department of Justice a Retirement Security Fraud Bureau.

 Related & companion bills 2
  • S 2010 Companion bill Corporate and Criminal Fraud Accountability Act of 2002
  • HRES 480 Procedurally related Providing for consideration of the bill (H.R. 4098) to provide for ciminal prosecution of persons who alter or destroy …
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 10
All 10 Democratic 9 Independent 1
D
DeLauro, Rosa L.
Connecticut · Jul 17, 2002
 D
Norton, Eleanor Holmes
District of Columbia · Jul 17, 2002
 D
Scott, Robert C. "Bobby"
Virginia · Jul 15, 2002
 D
Markey, Edward J.
Massachusetts · Apr 30, 2002
 D
McGovern, James P.
Massachusetts · Apr 11, 2002
 D
Davis, Danny K.
Illinois · Apr 9, 2002
 D
Lynch, Stephen F.
Massachusetts · Apr 9, 2002
 I
Sanders, Bernard
Vermont · Apr 9, 2002
 D
Schakowsky, Janice D.
Illinois · Apr 9, 2002
 D
Waters, Maxine
California · Apr 9, 2002
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 4098: Corporate and Criminal Fraud Accountability Act of 2002. 107th Congress. Open America. https://openamerica.io/bill/107-HR-4098/
MLA
"H.R. 4098: Corporate and Criminal Fraud Accountability Act of 2002." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-HR-4098/.
Bluebook (legal)
H.R. 4098, 107th Cong. (2026), https://openamerica.io/bill/107-HR-4098/.
Markdown link
[H.R. 4098: Corporate and Criminal Fraud Accountability Act of 2002](https://openamerica.io/bill/107-HR-4098/)
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