Fraud must be punished.
Not every crook wears a ski mask and carries a gun.
Today, too many white collar crooks get away. And the few that get caught usually serve ''country club" jail time.
Worse, California law allows corporate executives who commit civil fraud to hide behind their ''corporate shield". California doesn't even license individual stockbrokers.
Laws against white collar fraud should be as tough as the laws against any other kind of stealing. Proposition 211 punishes white collar cheaters who ''willfully, knowingly, or recklessly" defraud people out of their pension or retirement savings.
It takes away their ''corporate shield" and holds them personally responsible for the frauds they've committed.
And Proposition 211 helps the victims get their money back--something very difficult for prosecutors to do!
The only corporate executives this law will hurt are the ones who break it!
Prosecutors throughout California are swamped. Budget cuts have reduced the resources prosecutors have to keep up with all the fraud cases.
Thousands of Californians are victimized every year. Proposition 211 gives fraud victims a powerful new legal weapon to make the guilty pay!
California should be heaven for retirees and hell for those who cheat them.
Vote ''YES" on Proposition 211. Stop corporate fraud.
JAMES KENNETH HAHN
Los Angeles City Attorney