ALBANY — The price tag for corporations that commit white-collar crimes in New York could be increasing for the first time in more than 50 years.
Legislation pending would increase the limit on penalties for corporations for the first time since 1965, when they topped out at $10,000 for a felony conviction. The potential threshold would be about eight times as high for crimes than range from violations to felonies.
Sen. Zellnor Myrie, a Brooklyn Democrat pushing the legislation, said this legislation addresses a major inequity in the way the penal code treats corporations compared to individuals. He said that the state's penalties for corporations have been comparatively light.
"This isn't designed to be exorbitant," Myrie said. "I think this should be part of a larger discussion about discouraging these bad actors, but hopefully increasing the fines will make corporations think twice about this activity."
Originally published in Albany Times Union on June 06, 2019.