PIABA ANNOUNCES ITS SUPPORT FOR CORPORATE FRAUD ACCOUNTABILITY LAW
July 31, 2002. Beverly Hills, California. The Public Investors Arbitration Bar Association (PIABA), a nationwide bar organization of attorneys dedicated to the representation of individual investors in disputes with the securities industry, today announces its support for the passage of the Sarbanes - Oxley Act of 2002.
The recent upsurge in corporate fraud has occurred largely as a result of decisions made by Congress in the 1990s to diminish corporate accountability and investor rights enacted in the 1930s. The SarbanesOxley Act represents the most sweeping reform of corporate business practices since the Great Depression.
"PIABA believes that the new law promoting accountability by strengthening penalties for corporate wrongdoers is a step in the right direction," according to Philip M. Aidikoff, president of PIABA. "Although the law provides better protection for the public from this day forward, it does little to address the scandals that have rocked the marketplace and shaken the confidence of main street investors for the last several months."
"Now it is time for government agencies like the Securities and Exchange Commission and the Department of Justice to step up and use Sarbanes-Oxley to protect the millions of hardworking Americans who are victims of this massive fraud," stated Mr. Aidikoff.
PIABA believes that the investing public should commend lawmakers for this step to restore the confidence of the public investor, however, PIABA remains guarded and optimistic that our government will seek to protect the rights of those who have already been defrauded.
If you have questions concerning this notice, please contact: Philip M. Aidikoff, Esq. President, Public Investors Arbitration Bar Association www.piaba.org (888) 621-7484