Authorizing restitution to victims of securities fraud

SB 63 creates a Securities Restitution Operating Fund to provide financial assistance to victims of securities fraud in West Virginia. The fund is financed by transferring 3% of securities fees collected by the state auditor, and victims may apply for restitution through the auditor's office. The bill establishes clear procedures for submitting applications, processing payments, and prohibits using restitution funds for personal benefit. It also authorizes administrative assessments of up to $50,000 against violators (e.g., brokers or investment advisers) who willfully broke securities laws, with those funds flowing into the restitution fund for victims.