ARTICLE · 26 NOVEMBER 2010

New Federal Task Force Will Investigate, Prosecute Financial Crimes

DLA Piper UK LLP

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The Department of Justice has announced the creation of an interagency task force designed to investigate and prosecute financial crimes of the type believed to play a role in causing the current financial crisis.

United StatesLitigation, Mediation & Arbitration

Peter Zeidenberg

The Department of Justice has announced the creation of an interagency task force designed to investigate and prosecute financial crimes of the type believed to play a role in causing the current financial crisis.

The Financial Fraud Enforcement Task Force, announced November 17, 2009 and created by executive order, will be comprised of senior-level officials from more than 20 departments, agencies and offices, and will be chaired by Attorney General Eric Holder. It is designed to have greater breadth than the Corporate Fraud Task force established by the prior Administration in 2002 in response to the Enron accounting scandal. The task force will take advantage of new anti-fraud funding and powers enacted by Congress earlier this year in the Fraud Enforcement and Recovery Act, which authorized $245 million annually in 2010 and 2011 to hire hundreds of prosecutors and agents to prosecute financial fraud.

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