The Serious Fraud Office, the UK body which investigates and prosecutes complex financial fraud cases, issued a statement suggesting it was moving towards criminal prosecutions.
Congress also is considering a separate bill that would provide millions of dollars to hire new FBI agents and federal prosecutors to handle financial fraud cases.
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As part of the confirmation process, he met members of the Senate Judiciary Committee, and, according to Connaughton, Kaufman asked Lohier about his priorities at the Southern District, hoping to hear about financial-fraud cases.
Moreover, because the marquee financial statement fraud cases of the early 2000s were a significant driver of growth in white collar defense and forensic accounting practices, the decline of those kinds of cases has been duly noted in professional circles.
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Comparatively speaking, financial bounties in fraud cases, specifically securities and accounting cases, within the private sector are a relatively new concept to encourage whistle-blowing.
For many years, Crime Stoppers has successfully provided financial rewards, which has resulted in increasing whistle-blowing in fraud cases against the government and with police investigations.
However, while financial statement fraud continues to be a focus of the SEC and other authorities, these kinds of cases now appear to be fewer and farther between.
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Its principal accomplishments to date have been press releases claiming credit for cases that often predated the financial crisis and involve low-level Ponzi and mortgage-fraud schemes.
That task force secured nearly 1, 300 corporate fraud convictions, including cases against more than 200 chief executives, company presidents and chief financial officers, according to a 2008 report.
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Such Fund shall be used to pay for expenses and training relating to the investigation and prosecution of cases involving fraud, unfair and deceptive acts and practices, and other illegal conduct related to financial services or state consumer protection laws.
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