Bill > S08594

This bill, known as the "Restoring Integrity and Preventing Outright Fraud in Financial Systems" or "R.I.P.O.F.F." Act, enacts several changes to New York's penal law to strengthen penalties and broaden definitions related to financial crimes. Key provisions include increasing penalties for "scheme to defraud," which involves a systematic course of conduct to defraud multiple people or obtain property through false pretenses, by creating new degrees of this crime with escalating penalties based on the number of victims and the value of property obtained, and specifically including vulnerable elderly persons as protected victims. The bill also broadens the definitions of commercial bribery and bribing a public servant to focus on the intent to influence their actions, and introduces the new crime of "structuring," which criminalizes the practice of breaking down large currency transactions into smaller ones to evade reporting requirements. Furthermore, it expands jurisdiction for tax revenue deprivation, increases penalties for defrauding the government, and introduces a sentencing enhancement for defrauding individuals over sixty-five years old. The act also clarifies that "property" in theft offenses includes virtual currency and defines various transactions involving virtual currency. Finally, it introduces a corporate equity fine for felony convictions of large corporations, where a percentage of the corporation's equity is issued as non-voting shares to a state-managed fund or victim compensation fund.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S8594