CEO punishment measure makes ballot
Published August 19, 2008 by CSBJ Staff
A measure that could make company executives and owners criminally liable for any fraud within their business will be included on the November ballot.
Colorado Secretary of State Mike Coffman said yesterday that 76,047 signatures were needed for the inclusion, and supporters submitted 124,127.
The proposal, which will be known as Amendment 53, is backed by the Colorado AFL-CIO and another union group called Protect Colorado’s Future.
Protect Colorado’s Future organizers said the amendment is needed because of cases such as Qwest Communications CEO Joseph Nacchio, who was sentenced to six years in federal prison for insider trading offenses before having his conviction overturned on appeal in March.
The measure will also allow Colorado residents to sue CEOs for alleged wrongdoing and the proceeds would go back to the state.
“This means that accomplices to criminal fraud can’t play dumb any more,” says a statement on PCF’s Web site.
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