The Director on the Financial Crisis
Back to Basics
The Director on the Financial Crisis
06/02/09
When our New York agents busted 13 people last week for mortgage scams involving properties worth more than $10 million, many of those arrested claimed they were just making money the same way as everyone else.
Really?
Podcast: A special agent shares how we address mortgage fraud. |
- We are currently investigating more than 2,400 mortgage fraud matters—more than double the number from two years ago. And we have doubled the number of agents working these cases.
- We have more than 580 corporate fraud and 1,300 securities fraud investigations open—some (like the Madoff case) representing billions in losses.
- In the area of public corruption, we have more than 2,500 pending cases. In the past two years, our investigations have helped convict nearly 1,700 officials who have violated the public trust.
Our approach throughout has been to use our full suite of investigative tools to identify key players and dismantle larger criminal rings…to pull together specialized expertise where we need it (such as our specially-trained Corporate Fraud Response Team that can respond at a moment’s notice to complex cases nationwide)…and just as importantly, to use our intelligence capabilities to spot trends on the horizon.
One trend that the Director spoke of in detail involves what he called “the next wave of cases” for the FBI: fraud and corruption involving TARP funds and the stimulus package. He said that we are working with a variety of partners to identify where the money is going and for what purpose to head off potential problems.
Going forward, Mueller stressed the need for “independent board members, auditors, and outside counsel” to help keep organizations honest. “If this financial crisis has taught us anything,” he said,” it may be that it is time for a cultural shift—a ‘back to basics’ approach that incorporates sound business judgment, risk assessment, and integrity, from the top down.”
Indeed.
Resources:
- The Director’s remarks
- New York mortgage fraud case press release
- Related webpages: White-collar crime | Mortgage fraud | Public corruption