CONCORD – A bill to provide restitution to the victims of the Financial Resources Mortgage Inc. scandal will be fought on the House floor after a committee failed to agree on any action.
The House Commerce and Consumer Affairs Committee voted down two proposals that would have repaid the fraud victims in light of the failure of state agencies to intervene in the Ponzi scheme that cost victims more than $30 million. Committee members voted 10-10 to kill the bill.
“I think New Hampshire lost today, not just the victims,” said FRM victim Alan McIlvene after the vote. “This says, ‘What happened is OK’ and it is not.”
Senate Bill 180, sponsored by former Senate President Peter Bragdon, R-Milford, passed the Senate unanimously, but the House commerce committee retained the bill this session to work on it.
A subcommittee made significant changes in the bill including changing the source of the money to repay the victims, but the majority of the committee refused to go along.
The bill will be acted on in the first three session days of the 2014 Legislature.