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Corporate
Fraud Initiative
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Established
10/01 as part of the President's Corporate Fraud Task
Force
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Focuses
and coordinates the FBI's limited WCC resources on combating
the corporate fraud crime problem
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Opened
465 corporate fraud investigations in which it is alleged
that corporate officers intentionally "cooked the
books" in order to artificially inflate the value
of their corporation's stock and/or to justify paying
themselves millions of dollars in bonuses to which they
were not entitled.
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Major
investigations include: Enron, Worldcom, and Qwest Communications.
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Over
45 separate investigations on backdating.
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Obtained
2,962 indictments/informations, 2,569 convictions and
restitution totaling over $14.9 billion related to Corporate
and Securities Fraud.
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As
of 7/27/2006, 109 FBI agents are dedicated to Corporate
Fraud investigations, with an additional 158 FBI agents
working Securities Fraud investigations.
Health
Care Fraud Initiative
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Target
the most egregious health care fraud offenders, both
organizations and individuals, who are defrauding the
public and private health care systems
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Pharmaceutical
Fraud Initiative focuses on investigations that
involve drug diversion, off-label marketing and prescription
fraud
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Internet
Pharmacy Initiative focuses on the identification
of Internet Pharmacies involved in the illegal distribution
of pharmaceuticals in the United States and internationally;
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National
Automobile Accident Insurance Fraud Initiative investigates
members of staged accident rings formed specifically
to defraud health care entities.
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Outpatient
Surgery Center Initiative addresses the nationwide
schemes in which health care providers and facilities
are billing private insurance plans for unnecessary
outpatient surgeries arranged through a network of individuals
that includes owners of medical clinics, physicians,
marketers and recruiters.
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2,500+
new investigations; 3,100+ indictments/informations;
2,700+ convictions; $351 million in recoveries; $219
million in seizures/forfeitures; $4.1 billion in restitution;
$1.1 billion in fines.
Financial
Institution Fraud Initiative
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Target
the most egregious financial institution offenders,
both insiders and outsiders
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Working
with approximately 200 contacts in law enforcement and
industry at the national level, and task forces and
contacts at the field office level, in order to address
this over $1 billion crime problem
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Case
example: 12/05 Operation Quick Flip resulted in 156
indictments, 81 arrests and 89 convictions.
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Accomplishments
from October 2001 through the present include: 6,000+
arrests; 13,000+ indictments/informations; 12,000+ convictions;
$131 million in recoveries; seizures or forfeitures
of $159 million; restitution payments in the amount
of $14 billion; fines totaling $632 million.
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49%
increase in the number of informations and indictments
in money laundering cases since 2001. Across the FBI,
since 2001 there have been 2,187 arrests and 4,763 informations
and indictments
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Stored
Value Cards Initiative explores the impact of e-Currency
on global money laundering
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Suspicious
Activity Report (SAR) Initiative identifies unregistered
Money Service Businesses
Identity
Theft Initiative
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Laid
the groundwork for a National Identity Theft Center
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