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Although public corruption is a national priority within the WCCP, it will not be addressed in this report.
Each section of this report provides an overview, statistical accomplishments, and case examples of the identified priority crime problems specifically addressed by the Financial Crimes Section.
Where appropriate, suggestions are made in order to protect the public from being victimized by fraudulent activity.
In addition to significant financial losses to investors, corporate fraud has the potential to cause immeasurable damage to the U. As a result of the current financial crisis, trillions of dollars in shareholder value has been lost; several prominent companies, i.e., Lehman Brothers, have gone out of business; several prominent banks, i.e., Indy Mac Bank and Washington Mutual, have failed; and the federal government has provided over a trillion dollars in relief to keep other companies from failing, i.e., American Insurance Group, General Motors, and Citi Group.
A sub prime lender is a business that lends to borrowers who do not qualify for loans from mainstream lenders.
The majority of corporate fraud cases pursued by the FBI involve accounting schemes designed to deceive investors, auditors, and analysts about the true financial condition of a corporation.
Through the manipulation of financial data, the share price of a corporation remains artificially inflated based on fictitious performance indicators provided to the investing public. While the number of cases involving the falsification of financial information remains relatively stable, the FBI has recently observed a spike in the number of corporate fraud cases involving sub prime lending institutions, brokerage houses, home building firms, hedge funds, and financial institutions, as a result of the financial crisis partly caused by the collapse of the sub-prime market in the fall of 2007.
The Economic Crimes Unit is responsible for significant frauds targeted against individuals, businesses, and industries to include: corporate fraud, insurance fraud (non-health care related), securities and commodities fraud, mass marketing fraud, telemarketing fraud, high yield investment schemes, Ponzi schemes, advance fees schemes, and pyramid schemes.
The Health Care Fraud Unit oversees investigations targeting individuals and/or organizations who are defrauding public and private health care systems.Investigations have determined that many of these companies manipulated their reported loan portfolio risks and used various accounting schemes to inflate their financial reports. Traditionally, Ponzi schemes were perpetrated by individuals or small groups within a community environment.In addition, before these companies’ stocks rapidly declined in value, executives with insider information sold their equity positions and profited illegally. However, the current financial crisis resulted in the exposure of several large Ponzi schemes perpetrated not on an individual community level, but on a corporate national level by executives of what were once considered legitimate investment brokerages, i.e., Bernard L. Corporate fraud remains the highest priority of the Financial Crimes Section and the FBI is committed to dealing with this significant crime problem.Many of these sub prime lenders have relied on a continuous increase in real estate values to allow the borrowers to refinance or sell their properties before going into default.However, based on the sales slowdown in the housing market, loan defaults increased, the secondary market for sub prime loans securities dwindled, and the securities lost value.So, take a stroll down memory lane to remember all of our past Word of the Year selections.Tags: Adult Dating, affair dating, sex dating