In November of 2009 President Obama’s administration established a group responsible for holding accountable the individuals that aided in bringing about the financial crisis. This task force would attempt to prevent another such event from happening yet again. The Financial Fraud Enforcement Task Force as it was called set out to improve the efforts of the government in the investigation and prosecution of significant financial crimes. The task force is the broadest coalition of law enforcement, regulatory, and investigatory agencies ever assembled to fight fraud. It consists of more than 20 federal agencies, 94 US Attorneys Offices and state and local partners.
The task force ensures just and effective punishment of those who perpetrate financial crimes. It recovers proceeds for victims and addresses the possibility of financial discrimination in the lending and financial markets. The coalition’s mission is very broad, as is the crimes they have been tasked with quelling, including the likes of:
- mortgage scams that target the elderly
- Ponzi schemes
- tax fraud that steals money from our nation’s coffers
- predatory lending that discriminates against vulnerable communities
- credit card fraud
Their site should be viewed by anyone wishing to learn and protect. Why? Because investment scams alone amount to losses of $1 million an hour.
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