Home Banking & Finance CPA society opposes Martin Act expansion

CPA society opposes Martin Act expansion

The New York State Society of Certified Public Accountants (NYSSCPA) is opposing the state’s possible expansion of the Martin Act, which allows the state attorney general great leverage to fight financial fraud.

The state Senate and Assembly proposed bills in the 2012 legislation session that would require the state attorney general to investigate financial entities if a public pension fund trustee alleges that a practice is fraudulent under the Martin Act and allegedly caused damage to the fund that the trustee serves.

The NYSSCPA opposes the legislation, saying that existing law already grants greater authority to the attorney general than in any other state, and that it would adversely affect the state’s business climate.

The bills did not pass, though NYSSCPA said it fears the bills being introduced again in the 2013 session.

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