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  1. #1
    Join Date
    Jan 2004

    FBI says billions in financial crime restitution


    WASHINGTON (AP) — The FBI said Monday that its probes of financial crime last year led to more than 3,000 convictions and over $12 billion in court-ordered restitution as agents attacked insider trading, Ponzi schemes and Medicare fraud in high-dollar scams that victimized thousands of investors and the government.

    In a press briefing that amounted to a warning to the business community generally and to Wall Street in particular, the bureau released video and wiretaps from a few of its undercover operations targeting complex financial crime. The bureau also offered up a new public service announcement done by actor Michael Douglas, who in the movie "Wall Street" portrayed a greedy corporate raider operating on the wrong side of the law.

    FBI Financial Crimes Section Chief Timothy Gallagher said the bureau now operates a financial intelligence center to identify where it needs to send agents to investigate newly emerging threats in financial crime.

    Among the FBI's largest conviction numbers and amounts of restitution for 2011:

    —Securities and commodities fraud, 394 convictions and $8.8 billion.

    —Mortgage fraud, 1,082 convictions and $1.38 billion.

    —Health care fraud, 736 convictions and $1.2 billion.

    More at link...

  2. #2
    Join Date
    Feb 2010
    Barrie Ontario, Canada
    How much of this ordered restitution will actually be collected.???

  3. #3
    Join Date
    Jan 2004
    Quote Originally Posted by Valleyboy View Post
    How much of this ordered restitution will actually be collected.???
    Well, that's in the future but I'd say a good portion of it since the FBI doesn't mess around and these are mostly big institutions that have the money. For the health care fraud (Medicaid and Medicare) it is usually done by cancelling and withholding payments to the fraudsters....

  4. #4
    Join Date
    Feb 2009

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