RICO

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RICO

Stands for Racketeer Influenced and Corrupt Organization Act. Legislation under/which inside traders may be convicted.

Racketeer Influenced and Corrupt Organizations Act

United States legislation passed in 1970 that increased criminal and civil penalties for participating in organized crime and also strengthened law enforcement tools in the investigation of illegal enterprises. Its provisions included the ability to indict individuals for witness intimidation or extortion, prosecution for acts of terrorism or murder for hire, and so forth. One can be prosecuted under RICO for offenses such as counterfeiting money, securities fraud, and bankruptcy fraud.

References in periodicals archive ?

also dismissed RICO claims based on the Reves operation and management participation test.

Trupin, involved attorneys, not accountants, it nonetheless provides additional support for dismissal of RICO claims against CPAs.

In light of the recent trend discussed above, perhaps the burdensome lawsuits containing RICO claims against accountants will decrease.

RICO: the threat is lifted

All of the theories that existed before RICO are still viable.

Certainly the favorable result in Reves will curtail civil RICO suits, but nothing in the ruling suggests CPA triple-damage liability under RICO has been eliminated.

RICO: has the "ultimate weapon" been crushed?

Before the decision, many cases were settled before trial merely to avoid the possibility that treble damages would be imposed against losing RICO defendants.