Feds charge hundreds in fraudulent investment schemes
By Zachary A. Goldfarb
Washington Post Staff Writer
Monday, December 6, 2010
In an effort to bring attention to the problem of investment fraud, federal authorities on Monday highlighted hundreds of cases where defendants accused of financial wrongdoing had been arrested, charged criminally or sentenced to lengthy prison terms.
A press conference headlined by Attorney General Eric H. Holder, authorities unveiled "Operation Broken Trust," a collection of largely unrelated criminal and civil cases involving Ponzi schemes, foreign currency frauds, investment scams and other market cons.
The announcement drew attention to President Obama's Financial Fraud Enforcement Task Force, a group of agencies working to hold accountable people and companies accused of financial wrongdoing during difficult economic times. The task force has struggled to pursue high-profile prosecutions connected to the financial crisis of 2007-2009.
Authorities said the operation involved 343 defendants facing criminal charges and 189 facing civil charges, though some defendants will be counted in both categories. The cases represent more than $8.3 billion in investor losses and 120,000 victims.
(More here.)
Washington Post Staff Writer
Monday, December 6, 2010
In an effort to bring attention to the problem of investment fraud, federal authorities on Monday highlighted hundreds of cases where defendants accused of financial wrongdoing had been arrested, charged criminally or sentenced to lengthy prison terms.
A press conference headlined by Attorney General Eric H. Holder, authorities unveiled "Operation Broken Trust," a collection of largely unrelated criminal and civil cases involving Ponzi schemes, foreign currency frauds, investment scams and other market cons.
The announcement drew attention to President Obama's Financial Fraud Enforcement Task Force, a group of agencies working to hold accountable people and companies accused of financial wrongdoing during difficult economic times. The task force has struggled to pursue high-profile prosecutions connected to the financial crisis of 2007-2009.
Authorities said the operation involved 343 defendants facing criminal charges and 189 facing civil charges, though some defendants will be counted in both categories. The cases represent more than $8.3 billion in investor losses and 120,000 victims.
(More here.)
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1 Comments:
So finally we see some results from Mr. Obama's fraud-fighting team. I think that actually this might help to clean up the financial sector a little, I sure hope their didn't find just a droplet in the sea of ponzi schemes. 120,000 victims! But how about the people loosing jobs after the big collapse? Another evidence that the government tolerated the then-status quo by not doing this earlier.
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