Obama creates task force targeting fraud linked to financial crisis

The multi-agency effort will go after 'unscrupulous executives, Ponzi scheme operators and common criminals,' Atty. Gen. Holder says.

By Jim Puzzanghera
LA Times

November 18, 2009

Reporting from Washington

President Obama is taking a page out of his predecessor's playbook by creating a multi-agency task force to pursue criminals who bilked investors and consumers during the financial crisis.

The task force of top federal officials will work with state and local authorities to pursue financial fraud cases stemming from the crash of the housing market and the Wall Street meltdown, administration officials said Tuesday.

"Mortgages, securities and corporate fraud schemes have eroded the public's confidence in the nation's financial markets and have led to a growing sentiment that Wall Street does not play by the same rules as Main Street," Atty. Gen. Eric H. Holder Jr. said.

(More here.)