Sarbanes Oxley Act Section 803

 

SEC. 803. DEBTS NONDISCHARGEABLE IF INCURRED IN VIOLATION
OF SECURITIES FRAUD LAWS.
 
Section 523(a) of title 11, United States Code, is amended—
 
(1) in paragraph (17), by striking ‘‘or’’ after the semicolon;
 
(2) in paragraph (18), by striking the period at the end
and inserting ‘‘; or’’; and
 
(3) by adding at the end, the following:
 
‘‘(19) that—
 
‘‘(A) is for—
 
‘‘(i) the violation of any of the Federal securities
laws (as that term is defined in section 3(a)(47) of
the Securities Exchange Act of 1934), any of the State
securities laws, or any regulation or order issued under
such Federal or State securities laws; or
 
‘‘(ii) common law fraud, deceit, or manipulation
in connection with the purchase or sale of any security; and
 
‘‘(B) results from—
 
‘‘(i) any judgment, order, consent order, or decree
entered in any Federal or State judicial or administrative
proceeding;
 
‘‘(ii) any settlement agreement entered into by the
debtor; or
 
‘‘(iii) any court or administrative order for any
damages, fine, penalty, citation, restitutionary payment,
disgorgement payment, attorney fee, cost, or
other payment owed by the debtor.’’.

 

   

 

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