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Reynolds Bill Would Penalize Unethical Corporate Heads

By Eileen Buckley

Buffalo, NY – Western New York Congressman Thomas Reynolds is pushing for criminal sanctions against corrupt corporate leaders in response to scandals at WorldCom, Enron, Global Crossing and Adelphia.

Reynolds, a Republican from Clarence, announced his proposed legislation in Buffalo Friday. He says his bill would include possible prison time for any corporate leader who misleads or falsifies the records of a publicly traded company.

"Any corporate executive or director who knowingly or willingly mis-states the assets, liabilities or other financial records of a publicly-traded company should know they will face harsh penalties under this proposed legislation," Reynolds said.

Reynolds says it's time to send a "clear" message to corporate executives and board of directors that no longer will these unethical practices be tolerated.

He says Congress has already taken steps to protect retirees and investors in the wake of the recent corporate collapses.