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FBI investigating 530 corporate fraud cases - U.S. business- msnbc.com

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FBI investigating 530 corporate fraud cases - U.S. business- msnbc.com
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The FBI is conducting more than 500 investigations of corporate fraud amid the financial meltdown, FBI Deputy Director John Pistole told the Senate Judiciary Committee on Wednesday.

Investigators are tackling an even bigger mountain of mortgage fraud cases in which hundreds of millions of dollars may have been swindled from the system, he told lawmakers.

Pistole says there are 530 active corporate fraud investigations, and 38 of them involve some of the biggest names in corporate finance in cases directly related to the current economic crisis.

Additionally, the FBI has more than 1,800 mortgage fraud investigations, more than double the number of such cases just two years ago.

There are so many mortgage fraud cases to investigate, he said, that the bureau is not focusing on individual purchasers, but industry professionals generating fraud schemes that could total as much as hundreds of millions of dollars.

Senate Democrats are urging more spending to expand the ranks of the FBI’s financial fraud investigators.

After the 2001 terror attacks, about 2,000 FBI agents were moved to counterterrorism work, and Pistole said they are considering moving some of them back to buttress anti-fraud efforts.

Senate Judiciary Committee Chairman Patrick Leahy, D-Vt., urged the FBI and the Justice Department to put people who have committed mortgage fraud behind bars.
Original URL
http://www.msnbc.msn.com/id/29138583

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    • JDP JDP
      13 months ago


      AT LAST (or maybe it has been going on for a while)!!!

      Hopefully this will put MANY of the financial criminals that have brought the world economy to its knees, where they belong - in jail for a LONG TIME.

      Of course, we probably shouldn't hold our breath, as some in Congress (beholding to those very criminals) may resist putting more investigative and prosecutorial "muscle" on this effort. For instance, whatever happened to those "hundreds of rich Americans" with secret, supposedly tax-avoiding, billions of dollars bank accounts in Lichtenstein!? Nothing much seems to be in the news about that for a while (see http://consumerist.com/tag/tax-cheaters/?i=5025519&t=disgruntled-computer-technician-outs-super rich-tax-cheaters-to-the-irs for the "old news"). Deals and cover ups taking place or just the "wheels of justice" being ground to a halt by all those rich cheats lawyers?

      Now if one was a conspiracy theorist (rather than just an opportunity theorist), one might wonder about those 2000 FBI agents switched to terrorism-watch duties ... so that the hen house of our economy was left open to the financial foxes.

    • JDP JDP
      13 months ago


      AT LAST (or maybe it has been going on for a while)!!!

      Hopefully this will put MANY of the financial criminals that have brought the world economy to its knees, where they belong - in jail for a LONG TIME.

      Of course, we probably shouldn't hold our breath, as some in Congress (beholding to those very criminals) may resist putting more investigative and prosecutorial "muscle" on this effort. For instance, whatever happened to those "hundreds of rich Americans" with secret, supposedly tax-avoiding, billions of dollars bank accounts in Lichtenstein!? Nothing much seems to be in the news about that for a while (see http://consumerist.com/tag/tax-cheaters/?i=5025519&t=disgruntled-computer-technician-outs-super rich-tax-cheaters-to-the-irs for the "old news"). Deals and cover ups taking place or just the "wheels of justice" being ground to a halt by all those rich cheats lawyers?

      Now if one was a conspiracy theorist (rather than just an opportunity theorist), one might wonder about those 2000 FBI agents switched to terrorism-watch duties ... so that the hen house of our economy was left open to the financial foxes.
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