Sunday, May 3, 2009

Financial Fraud is a DOJ Priority

In assessing the first 100 days of the Obama Administration, AG Holder discussed policy initiatives.  One of these was "Targeting Financial Fraud."  The press release states that "[a]nticipating a renewed focus on financial crimes, the President’s FY 2010 budget provides resources for additional FBI agents to investigate mortgage fraud and white collar crime, and for additional Federal prosecutors, civil litigators and bankruptcy attorneys to protect investors, the market, and the Federal Government’s investment of resources."

In discussing what DOJ is doing now, the release states:

"the Department has devoted significant attention to preventing, investigating, and prosecuting mortgage fraud. The Federal Bureau of Investigation is currently investigating more than 2,100 mortgage fraud cases, up almost 400 percent from five years ago. The Bureau also has more than doubled the number of agents investigating mortgage scams, has created a National Mortgage Fraud Team at headquarters in Washington, and is working hand-in-hand with our partners at other agencies. The Department also has brought indictments and obtained convictions against perpetrators of rescue schemes in the past months. In one case, the Department recently indicted 24 individuals for alleged activity related to an extensive mortgage fraud scheme based in San Diego, which involved 220 properties with a total sales price of more than $100 million dollars."

In looking at future reforms, the release states that "[t]he Department of Justice is committed to an open, transparent, and accountable government. Attorney General Holder has repeatedly stressed that our nation has a 'fundamental commitment to open government' and the 'American people have the right to information about their government’s activities.' These values are central to our revitalization of the basic traditions of the Department, and are key features of the reform that the Obama Administration has brought to the Department of Justice in the past 100 days."

(esp)

http://lawprofessors.typepad.com/whitecollarcrime_blog/2009/05/financial-fraud-is-a-doj-priority.html

Fraud, Mortgage Fraud, Prosecutors | Permalink

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