- Posted March 02, 2012
- Tweet This | Share on Facebook
FBI probes have led to billions in financial crime restitution
By Pete Yost
Associated Press
WASHINGTON (AP) -- The FBI recently said that its probes of financial crime last year led to more than 3,000 convictions and over $12 billion in court-ordered restitution as agents attacked insider trading, Ponzi schemes and Medicare fraud in high-dollar scams that victimized thousands of investors and the government.
In a press briefing that amounted to a warning to the business community generally and to Wall Street in particular, the bureau released video and wiretaps from a few of its undercover operations targeting complex financial crime. The bureau also offered up a new public service announcement done by actor Michael Douglas, who in the movie "Wall Street" portrayed a greedy corporate raider operating on the wrong side of the law.
"Our economy is increasingly dependent on the success and integrity of the financial markets," Douglas said in the PSA announcement. "If a deal looks too good to be true, it probably is. For more information on how you can help identify securities fraud, or to report insider trading, contact your local FBI office."
FBI Assistant Director Kevin Perkins, head of the bureau's criminal investigative division, said the law enforcement agency has shifted its focus on financial crime away from low-dollar cases and has hired 250 forensic accountants who hunt for criminal activity in financial records.
FBI Financial Crimes Section Chief Timothy Gallagher said the bureau now operates a financial intelligence center to identify where it needs to send agents to investigate newly emerging threats in financial crime.
Among the FBI's largest conviction numbers and amounts of restitution for 2011:
--Securities and commodities fraud, 394 convictions and $8.8 billion.
--Mortgage fraud, 1,082 convictions and $1.38 billion.
--Health care fraud, 736 convictions and $1.2 billion.
The number of FBI probes is up sharply in some categories of financial crime. For example, securities and commodities fraud investigations have increased by 52 percent since 2008 to over 1,800 at the end of last year, the FBI reported.
Published: Fri, Mar 2, 2012
headlines Oakland County
- Meet the Judges
- Phishing and Smishing and Skimming and Shimming: Nessel encourages public to watch out for common scams during NFL Draft
- 56 years later, bias case is closed: Hamtramck completes new housing
- Attorneys to explain new U.S. DOL rules
- Michigan employers, local partners spotlight Gov. Whitmer’s budget recommendations and benefits for Going PRO Talent Fund
headlines National
- New Legalese: You may have heard a deepfake, but what about ‘Twiqbal’?
- From Intake to Outcome: An in-house lawyer’s guide to matter management solutions
- 2 BigLaw firms in merger talks that could produce 1,600-lawyer firm with top 50 revenue
- Send in the paralegals
- Lawyer reprimanded after mistakenly emailing opposing counsel with plan to avoid judge’s call
- ‘I don’t play well’ judge who threatened to track down, jail misbehaving litigant gets tossed from case