In remarks last week at the Forum Club of the Palm Beaches, U.S. Attorney General Eric Holder reiterated the importance of the interagency Financial Fraud Enforcement Task Force, which will act to prevent the kinds of fraud perpetrated in the South Florida area and beyond by convicted Ponzi schemer Bernard L. Madoff, and other types of financial fraud.
He noted that the "cornerstone" of a coordinated government anti-fraud effort will be the new interagency Financial Fraud Enforcement Task Force. Closely tracking the original interagency announcement of the formation of the task force on Nov. 17, 2009, (which noted the new task force replaces the Corporate Fraud Task Force formed in 2002), Holder told the Palm Beach group:
We will focus on four key types of financial crime:
Mortgage fraud -- from the simplest of “flip” schemes to systematic lending fraud in our nationwide housing market;
Securities fraud – from traditional insider trading, to Ponzi schemes, to accounting fraud, to misrepresentations to investors;
Recovery Act and rescue fraud – including the theft of federal stimulus funds and the illegal use of taxpayer dollars intended to shore up our financial institutions; and
Financial discrimination – including predatory lending practices in minority communities and the sale of financial products that exploit the elderly and disadvantaged.
Read more about the Financial Fraud Enforcement Task Force here.