20:49
THATS SO FUNNY
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
Racketeer Influenced and Corrupt Organizations Act
Read a random definition: antidilution provision
A quick definition of Racketeer Influenced and Corrupt Organizations Act:
The Racketeer Influenced and Corrupt Organizations Act (RICO) is a law that helps stop organized crime and keeps businesses fair. It was made in 1970 and only applies to crimes that involve different states or countries. Some states also have their own versions of the law. RICO can be enforced through criminal charges or a lawsuit where the person suing can get three times the amount of damages. To prove someone broke RICO, they must have done at least two illegal things within ten years of each other and those actions must be part of a bigger plan to commit crimes.
A more thorough explanation:
The Racketeer Influenced and Corrupt Organizations Act (RICO) is a law that was created to fight organized crime and protect the integrity of the marketplace. It allows for the investigation, control, and prosecution of individuals who participate in or conspire to participate in racketeering.
The federal RICO statute was enacted in 1970 and only applies to activities involving interstate or foreign commerce. Since then, many states have adopted similar laws, often called "little RICO" acts.
RICO can be enforced through criminal prosecution or civil lawsuits, in which the plaintiff can sue for triple damages. However, before criminal or civil liability can be established, it must be shown that the alleged acts of racketeering constitute a pattern of racketeering activity.
For example, if a group of individuals conspire to commit fraud in multiple states over a period of several years, they could be prosecuted under RICO for engaging in a pattern of racketeering activity.
In summary, RICO is a law designed to combat organized crime and protect the marketplace from corruption. It allows for both criminal and civil enforcement and requires a pattern of racketeering activity to be established before liability can be established.