On Monday, December 6, 2010, Attorney General Eric Holder announced the results of Operation Broken Trust, organized the Financial Fraud Enforcement Task Force to target investment fraud, according to a national press release from the FBI.
The operation has involved enforcement actions against 343 criminal defendants and 189 civil defendants for fraud schemes harming over 120,000 people nationwide. Operation Broken Trust is the first effort to target a large number of schemes that direct prey on the unsuspecting public.
President Obama created the Financial Fraud Enforcement Task Force to lead a progressive and proactive effort against financial crimes, as well as to prosecute offenders. Since its creation in August of 2010, the operation has involved 231 criminal cases, and 60 civil enforcement actions. Of these cases, eighty-seven defendants have been sentenced to prison, several with twenty year sentences.
“This operation highlights the scope of this problem, and its impact on individuals from all walks of life,” said FBI Executive Assistant Director Henry. “This one sweep alone involves fraud schemes that harmed more than 120,000 victims. The schemes may change, but the underlying greed does not. Working with our partners, we in the FBI will use all the investigative techniques in our arsenal, including undercover operations, to bring those responsible to justice.”
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