SB 284 Georgia Law Provides Financial Relief to Fraud Victims
Summary
Georgia Senate Bill 284 was signed into law on April 23, 2026, taking effect immediately. The new law authorizes Secretary of State Brad Raffensperger, acting as Securities Commissioner, to issue orders requiring that lost investments be repaid directly to defrauded investors — a significant expansion from the prior framework, which allowed only penalties to the state. With these enhanced enforcement tools, affected investors may achieve faster financial recovery, and the Secretary expects a stronger deterrent against scams and Ponzi schemes targeting Georgia residents.
“Scammers will now face greater obstacles when they try to con hardworking Georgians out of their money.”
Georgia-registered investment advisers and broker-dealers should treat SB 284 as a signal of intensified state-level securities enforcement. The Secretary's explicit goal of using direct restitution orders as a deterrent means firms with prior disclosure failures or investor complaints should review their complaint-handling and compliance documentation now, as administrative orders under this new authority may follow enforcement referrals.
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What changed
SB 284 fundamentally changes the enforcement toolkit available to the Georgia Securities Commissioner by authorizing direct restitution orders to investors — a remedy that previously did not exist under state securities law. Previously, enforcement actions could only result in penalties payable to the state treasury. The new law creates a direct pathway for victims of financial fraud to recover lost funds through administrative orders.
Investment advisers, broker-dealers, and other regulated entities operating in Georgia should note that the Secretary of State now has expanded authority to pursue direct financial remedies on behalf of harmed investors. The law is designed to accelerate victim recovery and increase deterrent effect. Entities subject to Georgia securities regulation should review their compliance programs to ensure full disclosure and investor-protection practices are aligned with the Secretary's stated enforcement priorities.
Archived snapshot
Apr 24, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
SB 284 Becomes Georgia Law, Will Provide Financial Relief to Victims of Fraud
April 23rd, 2026 Atlanta - Secretary of State Brad Raffensperger is celebrating Senate Bill 284 becoming law, which will allow victims of financial fraud to recoup some of their lost funds. “Thank you Governor Kemp for signing this important piece of legislation into law,” said Secretary Raffensperger. “Scammers will now face greater obstacles when they try to con hardworking Georgians out of their money.” Under this law, Secretary Raffensperger, acting as Securities Commissioner, is authorized to issue orders requiring lost investments to be repaid directly to investors. Previously, only penalties to the state were allowed. Effective immediately, the Secretary may also order funds to go directly to those harmed in financial fraud schemes. With these enhanced enforcement tools, the Secretary expects faster financial recovery for affected investors and a stronger deterrent against scams and Ponzi schemes. “Our priority is clear: protecting the hard-earned assets of Georgia investors,” said Secretary Raffensperger. “This law provides the teeth we need to demand justice and ensures that those who seek to defraud our citizens will face the full weight of the law.”
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- Raffensperger Announces Agreement to Get More than 40 First Liberty Victims Their Money Back
- Raffensperger: Thank You Speaker Burns, Chairman Hilton, Pro Tem Walker for Passage of SB284
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