An FBI official has reported to the U.S. Senate Judiciary Committee about the “massive” frauds the law enforcement agency has uncovered while attempting to combat financial crimes, sources tell a New York Criminal Lawyer.
An assistant director told the committee “the FBI has continued to uncover massive frauds, including newly identified Ponzi schemes.” He also told New York Criminal Lawyers that new fraud cases had increased by 111 percent and high-yield securities frauds have rise by more than 200 percent.
New York Criminal Lawyers have learned of a number of major fraud cases, this year alone. In June, a $1.9 billion fraud caused the sixth-largest bank failure in the country. In July, a managing partner at a major firm pleaded guilty to taking part in a $700 million scheme that took money from charities, university foundations, pensions, and retirement plans. In September, the owner of an investment firm pleaded guilty to a $880 million Ponzi scheme involving his own firm.
“In the last three years alone, the FBI has seen the number of mortgage fraud cases steadily climb from 1,200 in 2007 to over 3,00 in 2010,” said the FBI assistant director. “Nearly 70 percent of these pending cases represent losses to financial institutions and other victims exceeding $1 million. In many of these cases, the loss far exceeds $1 million.”
This new surge of activity to take down mortgage fraud schemes across the country is called Operation Stolen Dreams, and is an initiative organized by President Obama’s interagency Financial Fraud Enforcement Task Force.
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