Fraud


FRAUD
The FBI’s Operation Malicious Mortgage culminated in mid-June with 60 arrests in mortgage-related cases. The operation, which was conducted between March 1 and June 18, resulted in charges against 406 defendants in 144 mortgage fraud cases. The Bureau says approximately $1 billion in losses were caused by the alleged schemes employed in these cases.

Among those charged were two senior managers of failed Bear Stearns hedge funds who were indicted on charges including conspiracy, securities fraud and wire fraud for allegedly misrepresenting the funds’ conditions while they were at risk of collapse.

The operation was a joint effort by the FBI and other federal government agencies. Complete details are available at www.fbi.gov.

 

©2008 AICPA

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