© discovermagazine.comFinancial manipulation is fraud.
An early version of the list has been online since February, and it already contains more than 100 people who were convicted of crimes such as tax, credit card or insurance fraud, the Wall Street Journal reported. This makes the state "the most aggressive jurisdiction in the country when it comes to publicly shaming financial criminals."
The registry features individuals' names, mugshots, any known aliases, physical descriptions and a list of the crimes they were convicted of. Utah is the first state to create such a registry, and it stands in contrast to the policy of the Securities and Exchange Commission, which does not publicize the identities of fraudsters.
To be listed on the registry, individuals will need to be convicted of second-degree felony charges of securities fraud, theft by deception, unlawful dealing of property by a fiduciary, insurance fraud, mortgage fraud, communications fraud or money laundering, according to the Salt Lake Tribune. Their information will stay on the list for 10 years after one conviction, and another decade after a second. If someone is convicted three times, their data will remain on the list for their entire lifetime. When the registry officially launches in the next few months, it is expected to contain some 230 names, according to the WSJ.
Comment: Will be interesting to see if any politicians find themselves on the list and how inclusive in the upper echelons of the oligarchy. The list is only as good as its gate-keeper. Is this registry of use or is it just another redundant layer of bureaucracy?