President Obama Signs Economic Espionage Act Amendments That Significantly Enhance The Penalties For Trade Secret Theft By Foreigners

On January 14, 2013, President Obama signed the Foreign and Economic Espionage Penalty Enhancement Act of 2012.

The Act enhances the penalties for certain violations of the Economic Espionage Act.

The purpose of the Act was to amend title 18, United States Code, to provide for increased penalties for foreign and economic espionage.

Under the Act, the upper limit of penalties for individual offenses of Section 1831(a) are increased from $500,000 to $5,000,000 and  the upper limit for corporate offenses of Section 1831(b) are increased from $10,000,000 to the greater of $10,000,000 or 3 times the value of the stolen trade secret to the organization, including expenses

 

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