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http://www.businessweek.com/news/2011-12-16/fbi-corporate-and-securities-fraud-probes-up-47-from-2008.html

Bloomberg News

FBI Corporate and Securities Fraud Probes Up 47% From 2008

December 16, 2011

(Updates with comment from Sessions in fifth paragraph.)

Dec. 14 (Bloomberg) -- The FBI had more than 2,500 open corporate and securities fraud investigations as of Sept. 30, a 47 percent increase from fiscal year 2008, according to Director Robert Mueller.

The Federal Bureau of Investigation also had roughly 3,000 pending mortgage fraud investigations at the end of the last fiscal year, up from 700 in 2005, Mueller told a Senate Judiciary Committee hearing today.

“The FBI is pursuing those who commit fraud at every level, and is working to ensure that those who played a role in the recent financial crisis are brought to justice,” Mueller said in a prepared statement.

The Justice Department, of which the FBI is a part, is under pressure from some lawmakers, including Representative John Conyers of Michigan, the top Democrat on the House Judiciary Committee, to prosecute those responsible for the 2008 market collapse.

Senator Jeff Sessions, an Alabama Republican, said at the hearing that he is “disappointed” by decreases in the number of prosecutions of cases involving bank and financial institution fraud and embezzlement since 2003.

“At a time when the American people are concerned about the financial integrity of some of the businesses that are failing, it does appear that many of them have had wrongdoing as part of that,” he said.

--Editors: Justin Blum, Leslie Hoffecker

To contact the reporter on this story: Seth Stern in Washington at sstern14@bloomberg.net

To contact the editor responsible for this story: Mark Silva at msilva34@bloomberg.net


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