September 5, 2005
Government Shows Off Corporate Fraud Statistics
The DOJ issued a press release here that provides an accounting of its successes in the corporate fraud arena. Since the institution of the Corporate Fraud Task Force in 2002 the government lists the following as its successes:
"-Securing over 700 corporate fraud convictions;
"-Convicting over 100 corporate CEOs and presidents with some type of corporate fraud crime in connection with close to 600 filed cases;
"-Convicting more than 80 vice-presidents;
"-Convicting more than 30 CFOs; and
"-Charging more than 1,300 defendants, including the indictment announced today [press release is dated Monday, August 29th].
"·From June 1, 2002 through June 30, 2005, more than $266 million has been collected in restitution, fines, and forfeitures from corporate fraud convictions."
The press release also lists significant cases prosecuted, but fails to include the case presented against Richard Scrushy that ended in not guilty verdicts or the Arthur Andersen conviction that was reversed by the United States Supreme Court.
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