As discussed in the previous post, a recent article in The Wall Street Journal outlines how prosecutors and law enforcement across the country are beginning to devote entire investigative units toward cracking down on cybercrime. The district attorney's office in Manhattan has a cybercrime unit and four prosecutors who devote 80 percent of their time on Internet crimes.
A recent article in The Wall Street Journal discusses the high-tech approach that New York prosecutors are taking toward cracking down on high-tech crimes. The article discusses particularly what the district attorney's office in Manhattan is doing in its white collar crime and cyber fraud investigations, as it applies to what prosecutors are doing throughout New York and the rest of the country.
The SEC has filed civil fraud charges against the former CEOs of Fannie Mae and Freddie Mac, as well as against four other top executives of the mortgage companies. The SEC is accusing the executives of misleading them on what proportion of their portfolio was made up of subprime loans. The SEC says that the executives acknowledged a much lower percentage than was the reality.
A recent article in Law.com talks about how 2012 is expected by some to be the "year of the SEC whistleblower." This past year was record-breaking in terms of the number of enforcement actions taken against those suspected of white collar crimes and financial fraud. Next year, the numbers of enforcement actions are expected to rise with the passage of the Dodd-Frank Act of 2010 in August.
A recent third-party investigation revealed that optic manufacturer Olympus Corporation, arguably best known for their cameras, was embroiled in a financial scandal.
Prosecutors believe that 94 individuals exploited a banking loophole to perpetuate a checking fraud scheme that resulted in somewhere between $450,000 and $1 million in losses to TD Bank.
Five men were recently arrested for stealing almost $1 million from unsuspecting customers using Countrywide bank's ATMs (automated teller machines).
Just over a week ago another 13 people were arrested in conjunction with a cheating probe into the national standardized test, the SAT. The SAT is the nation's most widely used college admission exam.
Four individuals were recently sentenced in a federal court in New York for their role in a food stamp fraud scam.