Section 69. There shall be established and set up on the books of the commonwealth a separate fund to be known as Securities Fraud Prosecution Fund. There shall be credited to the fund all criminal penalties, fines and settlements not intended to compensate victims of securities fraud due the commonwealth collected under chapter 110A and any income derived from investment of amounts credited to the fund. Amounts credited to the fund shall be received and held in trust for investigations and enforcement of chapter 110A. Revenues and expenditures of the fund shall be reported on the Massachusetts management and accounting and reporting system and maintained by the state treasurer. The Fund shall not exceed a maximum of $500,000. Amounts collected in excess of the maximum shall be deposited in the General Fund.

Terms Used In Massachusetts General Laws ch. 10 sec. 69

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Fraud: Intentional deception resulting in injury to another.

Expenditures from the Securities Fraud Prosecution Fund shall be made without further appropriation but shall be approved in writing by the secretary of the commonwealth for the sole purposes of investigating or enforcing chapter 110A and the dissemination of information about the requirements of said chapter.

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