Holder outlines U.S. antifraud strategy

    PALM BEACH, Fla., Jan. 9 (UPI) — The centerpiece of the fight against financial fraud will be a new interagency task force, U.S. Attorney General Eric Holder says.

    Speaking Friday in Palm Beach, Fla., which he called “ground zero for the $65 billion Ponzi scheme perpetrated by Bernard Madoff,” Holder said the new entity, called the Financial Fraud Enforcement Task Force, was established by President Barack Obama to focus on fighting the “mortgage, securities and corporate fraud schemes” that have “eroded public confidence — both at home and abroad — in the strength and integrity of America’s markets.”

    Holder said the task force will have four main focuses: mortgage fraud, securities fraud, the theft government dollars from last year’s economic stimulus bill and predatory lending aimed at minorities and the elderly.

    “In combating these crimes, we will aggressively leverage the criminal and civil enforcement resources of the federal government,” Holder said. “We will tackle every fraud case with the aim of recovering stolen funds for victims. We will protect the taxpayers’ investment in America’s economic recovery, and ensure that every American – regardless of age, race or national origin — has a chance to participate in that recovery.”

    Published on 10/01/2010 10:21:38