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Sarbanes Oxley
Act |
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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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