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ARTICLE · 29 MAY 2009

Financial Misconduct Is Not Just A Civil Matter

Foster Pepper PLLC
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The FBI is shifting more than $75 million in resources from counterterrorism work to help sort through what has been characterized as "the wreckage of the financial meltdown," and financial industry professionals are bracing themselves for the newest wave of recourse: criminal prosecution.

United StatesFinance and Banking
Douglas Davies
Douglas Davies
Laura Marquez-Garrett
Laura Marquez-Garrett

The FBI is shifting more than $75 million in resources from counterterrorism work to help sort through what has been characterized as "the wreckage of the financial meltdown," and financial industry professionals are bracing themselves for the newest wave of recourse: criminal prosecution.

Recent indictments, and convictions, have originated from a number of federal institutions now providing direct assistance to the FBI, including the Internal Revenue Service, the Securities Exchange Commission, the Federal Deposit Insurance Corp., the Department of Housing and Urban Development, and the Financial Crimes Enforcement Network.

State and local authorities are also handing over significant investigations to federal authorities for prosecution. According to recent reports, there are at least 18 mortgage fraud task forces and 47 working groups across the country. The FBI is also relying on private and/or undercover efforts to aid in the prosecution of economic crimes.

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